Solana is becoming a high-speed trading terminal in the encryption world

Solana is gradually becoming a high-speed trading platform in the encryption world, designed for high-frequency trading, on-chain composability, and large-scale yield processing. The following three key data points support this view:

1. Launch platform as a service: Emerging platforms surpass established ones, achieving a 60% project success rate and entering liquidity pools, with daily revenue exceeding one million dollars. Creator loyalty declines, and retention rates and total transaction volume become new competitive advantages.

2. Tokenized stocks become core collateral: providing around-the-clock liquidity, modular margin, and capital unlocking for private markets. The true market potential lies in the circulation of relisted equity.

3. Solana's revenue structure is diversified: In the second quarter, revenue reached $570 million, accounting for 46% of all public chains. Major sources of income include decentralized applications, robotic services, launch platforms, and production tools.

Practical Testing of the Launch Platform

The outstanding performance of emerging platforms is not only reflected in the numbers:

• Market Share Reversal: On July 5th, the new token issuance of the new platform accounted for 66% of the total market volume, while the established platform only accounted for 26%.
• Quality of funds outweighs the scale of fundraising: the new platform has a success rate of about 60%, while the established platform is only 31%.
• Monetization ability: The new platform's daily revenue grew from nearly zero to over 1 million dollars, while the established platform declined to 500,000 dollars.

analysis and thinking

Retaining high-value trading volume is the true competitive barrier. The project success rate essentially reflects the net income retention rate of the launch platform; whoever can institutionalize this first will win the enterprise-level API integration market.

Established platforms still hold a significant share of the creators' mind space (cumulative revenue of about $700 million), but new platforms have proven that the user switching costs are extremely low. The next round of user churn may be planned, such as top influencers offering "24-hour listing exchange" guarantee services.

Valuation of project scale: Even with a stable income of 1 million USD per day, annual revenue can reach 100 million USD. With a profit margin of about 80% based on Solana infrastructure, this protocol, which has only been online for a year, has already shown a SaaS-level economic model. Even excluding volatility factors, based on a forward sales multiple of 10-15 times, its valuation of 1-2 billion USD is still reasonable.

As the cost of conversion approaches zero, users' mindset is actually one of renting rather than owning. The paradigm shift in incentive mechanisms means:

• Creator loyalty is unstable, and airdrop events and influencer promotion packages may lead to large-scale user migration.
• Defensive barriers are equivalent to liquidity networking, rather than user interface experience. Established platforms are expected to enhance user retention through native decentralized exchanges and liquidity provider incentive mechanisms.

Competitive strategies for newcomers: Invest heavily in incentive measures, promote leaderboards centered around tokens and daily trading volume, and achieve profitability before resetting the customer acquisition cost model.

Tokenized Stocks: A Catalyst for Traditional Financial Liquidity

Tokenized stocks are not just traditional stocks on the blockchain, they:

• Shorten the delay of traditional financial settlement to the minute level
• Create a new category of collateral assets
• Provide new financing channels for large private institutions

The winning blockchain ecosystem must meet three core elements: a regulated token issuance mechanism, a sound oracle system, and a highly liquid perpetual contract market. The winner will become the infrastructure provider in the tokenized equity space, fully capturing value growth.

Solana as the "yield engine" of the encryption ecosystem

Solana's revenue in the second quarter reached $570 million, accounting for 46% market share. The revenues of other major public chains are as follows:

• Ethereum: 213 million USD
• TRON: $165 million
• Binance Smart Chain: $150 million
• Others: no more than 75 million US dollars

This reflects two facts:

1. The main application scenario of cryptocurrency is still trading services.
2. The platform is primarily built for professional users: professional users drive profits and losses; mainstream exchanges will lead public participation in the future.

The reason why professional users dominate the encryption market

Solana optimizes the full lifecycle value for professional users, while centralized exchanges bear the costs of user authentication, fiat channels, and new user support.

• Delay arbitrage: A trading time of 400 milliseconds and extremely low fees allow the bot to refresh orders dozens of times per second; every small advantage is directly converted into protocol revenue.
• Composable leverage: From token issuance to liquidity pool to perpetual contract collateral, it only takes a few minutes. The capital turnover speed greatly exceeds that of other public chains.
• The network incentive mechanism is highly compatible with the needs of professional users: professional users are willing to pay higher fees, have a lower churn rate, and can provide a liquidity foundation for the platform, continuously attracting new professional users to join.

Summary

Solana is committed to maximizing the full lifecycle value of professional users, while centralized exchanges bear the costs of user authentication, fiat channel maintenance, and novice support. In the encryption field, the fastest-growing companies view blockchain as a high-speed channel for capital markets.