Enterprise-grade blockchain data & analytics on Solana. Solana DeFi APIs are live — with MCP support for AI agents. https://xitter.cf/t.co/S03SvbdTvE
Bengaluru
Joined June 2022
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1/ Stablecoins on Solana are now ~$15.4B in market cap.
USDC still leads: ~$7.9B (52%). USDT: ~$3.8B (25%). The rest of the pack is growing — USD1 ~$1.37B, PYUSD ~$739M, USDG ~$630M, USDe ~$503M — but the duopoly still owns ~77% of the float.
USDC has the widest holder base — ~8.6M wallets, averaging ~$930 each. USD1 is the opposite: only ~37K holders, but ~$37K per wallet.
3/ Stablecoins move far more value in transfers than in DEX trades. YTD transfer volume is ~$5T. September MTD: ~$340B transferred vs ~$29B traded on DEX.
P2P — wallet to wallet, no router — is ~57% of September transfer volume. It was ~20% in February and ~42% in June. More of the dollar layer is moving as payments and treasury, not just swaps.
USD1, PYUSD, USDG, and USDe now have real market cap. The open question is still the same: can they take share of activity, not just float? On the tape, USDC's grip has tightened, not loosened.
4/ The picture is split. New stables are winning wallets with size. They are not winning flow.
USDC is still how Solana trades. Transfers are how Solana moves value — and more of that is now wallet to wallet, not through a DEX.
For deeper analysis, dashboards, and more on-chain breakdowns — follow @ledger_top
1/ Tokenized stocks on Solana by @xStocksFi and @sunrise @Backpack are now near ~$1.5B in marketcap and more than ~$10B in YTD DEX volume.
Marketcap-wise, almost all of it is still xStocks (~$1.44B, ~98%). Sunrise / Backpack Securities: ~$24M (~2%). Holders tell a wider story though — ~390K unique wallets, with ~347K on xStocks and ~73K already on Sunrise.
The biggest bags are still all xStocks — SPCXx(xStocks) leads at ~$86M, then TSLAx(xStocks) ~$84M, MSTRx(xStocks) and CRCLx(xStocks) around ~$75M each, with SPYx(xStocks), NVDAx(xStocks), and HOODx(xStocks) close behind in the ~$70–73M range.
Large marketcap, but almost all of it is still one issuer.
3/ Zoom into the top 5 mints by DEX volume over the last 30 days — and the money is concentrated.
SPYx(xStocks) alone clears ~$505M. Then GOLDx(xStocks) ~$190M, CRCLx(xStocks) ~$170M, DKNG(Sunrise) ~$142M, and QQQx(xStocks) ~$130M.
Four of the five are xStocks. Only one Sunrise name cracks the top five — but DKNG still outruns most of the basket.
4/ Tokenized stocks on Solana in one line: near $1.5B marketcap, ~390K holders, ~$10B YTD DEX volume.
xStocks owns the float (~98% of marketcap, 6 of the top-10 traded names). Sunrise owns the turnover — ~32% of YTD volume on ~2% of marketcap, and still ~4 of the top-10 most-traded mints.
July showed Sunrise can lead on volume. September shows xStocks can take that lead back — while marketcap grows toward ~$1.5B.
For deeper analysis, dashboards, and more on-chain breakdowns — follow @ledger_top
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1/ @fomo is a social-first, multichain trading app — follow traders, catch the feed, buy memecoins and viral tokens in one tap.
On Solana itself, fomo has crossed more than $8 B in lifetime DEX volume.
It took more than 1 year to get there — and half of that came in the last 11 weeks.
July did ~$650M. August jumped to ~$1.9B — the biggest month on record. September is already at ~$1.5B with two weeks still left.
5/ So far, fomo on Solana:
→ ~$8.2B in DEX volume
→ ~43M Transactions
→ ~$33.5M in fees earned
→ Nearly every record set in the last three weeks
A social-first trading app turned real on-chain flow.
For deeper analysis, dashboards, and more on-chain breakdowns — follow @ledger_top
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Top Ledger retweeted
Over $1B in $SPCX DEX volume since launch.
Another proof point for bringing global assets to Solana.
1/ In the last 2 days, SpaceX jumped ~9% — from ~$134 to a high of ~$146.
It's been 2 months since launch (Jun 12). On Solana, the tokenized equities — SPCX and SPCXx — are moving with it.
From that Jun 12 start of ~$168, price is still down ~13%.
Still trading. Still worth a closer look.
Here's where the on-chain market stands now 👇
5/ Nearly 59.4K unique traders have touched this market since launch.
Day one (Jun 12): ~6.1K wallets.
Today: almost 10x that.
Peak activity still belongs to mid-June — 7,372 traders active in a single day (Jun 16).
But new wallets keep joining weeks later. This wasn't a one-week fad.
6/ Dashboard Link: analytics.topledger.xyz/tl/p…
For deeper analysis, dashboards, and more on-chain breakdowns — follow @ledger_top .
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