Collector Crypt earned $5.62M in fees on Solana over the last 7 days, its best week ever. That's up 64.3% from the week before, and more than Meteora ($4.74M) or Jupiter ($3.27M) made over the same days. Meteora's fees fell 42.8%. Jupiter's fell 20.4%. Of Solana's 10 biggest fee earners, Collector Crypt was the only one to grow. @Collector_Crypt sells packs of graded trading cards that live onchain. Its fees don't wait for traders. When cards outearn DEXs, what is Solana's real fee engine?

USDe on Solana is down 25.9% in two weeks: $540.4M on October 6 → $400.6M today. This week it hit its lowest level since May. USDe deposits on @Kamino fell from $206.1M to $130.7M. The USDe → USDG market on Jupiter Lend lost 89.3% of its collateral since October 12. One market didn't move: the USDe → PYUSD loop on @JupiterExchange Lend, curated by @SentoraHQ. It now holds $258.0M of USDe, more than on October 12. That single market is 64.4% of all USDe on Solana. The less USDe there is on Solana, the more of it is one trade. What happens if that loop unwinds?

Jupiter Lend collected $1.17M in fees on Solana over the last 7 days, its best week ever and more than Kamino Lend's $1.03M. It has out earned @kamino every single day for a week. A year ago Kamino made 3.5x as much. Kamino still holds more deposits: $1.31B vs $1.02B. But borrowers now owe more on @JupiterExchange Lend: $993M vs $908M. Two weeks ago we asked if Kamino would hold on in TVL. In fees, it already let go. Does the deposit lead follow?

Only 2 of Solana DeFi's top 13 fee earners made more over the last 7 days than the week before: Huma and OnRe. Huma collected $712K (+3.0%). OnRe collected $580K (+0.7%). Everyone above them earned less, from Jupiter (down 5.2%) to Raydium (down 28.1%) and GMX (down 43.7%). Huma earns from payment financing. OnRe from reinsurance. Neither needs anyone to trade. Fees from trading move with the market. Fees from credit keep coming. Which would you rather earn?

SoFi's stablecoin just hit a record $256.7M on Solana. SOFID added $45.0M on Solana since August. $17.4M of it landed on Wednesday alone. On Ethereum it hasn't moved: $100.08M, the exact same supply as two months ago. Every new SoFi dollar since August was minted on Solana. 72% of the total now lives here. A US national bank picked its chain. Which bank is next?

Meteora's DLMM pools collected $5.94M in fees on Solana over the last 7 days, down 45.7% from the week before. Four weeks ago they made $14.20M, their best week since October 2025. Volume fell far less: $880M, down 21.2%. The gap is the fee rate. Each dollar swapped paid 0.98% in fees the week before. This week it paid 0.68%. DLMM fees on @MeteoraAG rise with volatility, so September paid LPs to sit through the chaos. Calm markets pay less. How much of that yield was ever going to last?

Marinade Select lost 473.7K SOL of stake in a single day on Solana, 25.8% of everything it delegates. It went from 1.84M SOL to 1.36M SOL on October 12, its lowest level since July. The rest of @MarinadeFinance did not move with it. Marinade Native lost 0.5% that day, and mSOL grew. Select only delegates to validators vetted on identity, performance and MEV policy. It sells transparency, and it is concentrated: a quarter of the pool walked out in one day. Select peaked at 3.11M SOL in December 2025. Where is this SOL going next?

$250.9M of PayPal's PYUSD now sits in a single market on @JupiterExchange Lend, curated by @SentoraHQ. On September 30 it held $50.0M. That's 5x in 12 days. The market now holds 35.6% of all PYUSD on Solana. And 95% of it is borrowed, all against USDe as collateral. PYUSD is becoming the funding leg of Ethena's carry on Solana. Is this the use case PayPal's dollar was missing?

Top stablecoin lending rates on Solana right now 🐾 > @Kamino (USDG, OnRe market): 8.02% > @loopscale (USDC): 6.78% > @Kamino (USDC, OnRe market): 6.71% > Sentora (PYUSD, Kamino vault): 5.79% > @JupiterExchange Lend (JUPUSD): 5.71% The top rate sits in a $1.1M market. The biggest pool in the top 7, Jupiter Lend USDC with $500.1M, pays 5.35%. Idle stablecoins are a choice.

Traders paid $3.65M in fees on Raydium AMM pools over the last 7 days, down 62.2% from the $9.65M peak three weeks ago. That peak was Raydium's best week in over a year, driven by StonkFun launches on LaunchLab. Now StonkFun is cooling too: $9.15M in weekly fees → $3.44M. Raydium is still at 4.9x its average July week. The question is whether that is the new floor.