Institutional Updates from the Solana Ecosystem

Featured Headlines of the Month

Solana Launches Blinks

Solana launches Blinks (blockchain links), integrating the functionality of the Solana blockchain with traditional web2 services.

Now on Solana: ZK Compression

Light Protocol and Helius Labs bring ZK compression to Solana, creating a more efficient way of storing data. 

Ecosystem Events

IslandDAO

A number of Solana teams came together at Crete, Greece through June to collaborate and celebrate

Solana Institutional Dinner in Switzerland

Bridging TradFi and DeFi

Solana Hacker House - London

Innovating everyday

Ecosystem Updates: DeFi

Maple (& now Syrup!) - An institution-grade lending platform

• Maple TVL approaches 250MM as both Secured Lending products grow >100% Q/Q

• Syrup is officially live in early access with 10MM in TVL in the first week, enabling broader access to Maple's lending engine for the DeFi ecosystem

• Maple hits a record high for monthly revenue in June 

• Maple's smart contract infrastructure surpass 4 billion of loan originations

• New lenders on the platform grew 67% this quarter, with depositors using multiple Maple pools up >100%

Drift - Perpetual Swaps on Solana

• Drift surpassed $30B in cumulative trading volume. The platform saw its highest weekly volume post TGE on the week of June 17, with $1.2B in weekly volume.

• The first governance proposal, DIP-1, was passed. DRIFT staking is now live and stakers get benefits such as increased voting power and yield.

• Drift is unlocking utility all assets on Solana. Tokenized real world assets were never meant to sit idle in wallets. Ondo’s USDY has been enabled as collateral on Drift, marking the first time yieldcoins can be used as collateral on a perpetuals platform. This week, JLP will also be integrated on the platform and be used as collateral for trades.

• There’s over $400M in deposits and $90M in loans being facilitated on Drift’s borrow/lend product. The borrow/lend product powers Drift’s multi-asset collateral feature of the perpetuals exchange. 

• $CLOUD, Sanctum’s token, is listed on Drift as a pre-launch market.

Bridgesplit - Next-generation prime brokerage

• Successfully launched Bridgesplit Markets Closed Beta, onboarding first 50+ users

• Features include support for fixed-rate loans and complex collateral types, including natively staked SOL, LP tokens, and tokenized treasuries.

• Public launch slated for mid-July.

Ecosystem Updates: Data

Pyth - Smarter data for smarter contracts

• Pyth Pull Live on Solana

• Vaults on Morpho by Gauntlet – Powered by Pyth

• GMCI 30 Index now available on 60+ chains

• 100B of trading volume powered by Pyth in the past month 

Parcl - Institutional grade ecosystem for real-time real estate data, analytics and liquidity

• Rental Markets are live on Parcl, offering the first-ever mechanism created to get liquid exposure to rental price movements for specific markets.

• Parcl has reached 2B in total volume.

• With Miami City launched, all 10 Case-Shiller markets are live on Parcl. In total, 18 US markets are live, and global expansion is on the horizon. 

The Parcl Labs API is now available for use. In the first month, users have pulled over 10 million data points from the API, including market, investor, portfolio, and new construction metrics.

Ecosystem Updates: Tokenization

Ondo: Institutional grade on-chain finance

• Ondo Finance became the first yieldcoin provider to surpass $500M in TVL, with OUSG and USDY growing to $222M and $328M in TVL, respectively.

• Drift Protocol enabled USDY as collateral, marking the first time yieldcoins can be used as collateral on a perpetuals platform.

• USDY is now available as a settlement option to millions of Shopify merchants via Helio’s new Solana Pay plugin upgrade.

• The Arbitrum STEP Committee has recommended a diversification of 6M ARB from the Arbitrum DAO Treasury into USDY. Out of 30+ applications, the Committee recommended six products, with over 17% of the funds set to be allocated to USDY, second only to BlackRock’s BUIDL.

• NOTE: USDY is not, and may not be, offered, sold, or otherwise made available in the US or to US persons. USDY has also not been registered under the US Securities Act.

Etherfuse: Institutional-grade blockchain bonds

• Launch of Sovereign Coins: Etherfuse has introduced Sovereign Coins, treasury bonds-backed stablecoins that pay yield to liquidity providers. These allow companies to offer remittances, money transfers, and transactions with zero fees while earning an APY from the liquidity they bring in.

• New Purchase Order Feature: Our Stablebond Platform now includes a Purchase Order feature, allowing you to secure bond purchases in advance without needing available liquidity. This guarantees immediate pegging and is redeemable within seven days.

• Expansion of Interest-Bearing Government Debt: This quarter, Etherfuse will add interest-bearing government debt from more countries than any other blockchain company.

• Simplified Real-World Asset Management: Managing real-world assets is the most challenging of creating a stablecoin. With Etherfuse, you no longer need to handle the legal, regulatory, and complex work of buying and holding government debt as collateral for your token — we’ve done it for you.

• Incorporation and Regulation in Mexico: Etherfuse is incorporated and regulated in Mexico, a country with excellent payment rails like SPEI, offering some of the world’s fastest settlement times, averaging under 5 minutes.

• Disclaimer: Etherfuse is available worldwide, except for U.S. citizens. For more information, visit our Twitter twitter.com/etherfuse 

Elmnts - Commodities tokenization and lending

• Elmnts officially exits stealth mode! Pls show some love 🙂 

• Elmnts is a commodities tokenization and lending ecosystem focusing on mineral rights – their private beta just launched last week. 

Obligate - Structured products on Solana

• Secured a grant agreement with the Solana Foundation for their Structured Products platform.

• Completed first tokenized bond issuance for Bitcoin Suisse, achieved an impressive 119 million UMV in media coverage.

• Experiencing increased demand from TradFi sectors for Obligate products. Current projects are focused on bridging DeFi issuances with TradFi investors, primarily through hybrid solutions like AMCs, highlighting the growing global interest and trust in Obligate as a leading platform for on-chain product issuance

Metawealth - Tokenized real estate, powered by Solana

• Closed 101st Real Estate Asset tokenized and sold across 3 countries

• $40MM in Real Estate under contract

• Over $14MM in investor capital invested across institutional-grade real estate in Europe

• Secured a $20 Million Real Estate Deal with the leading Real Estate Developer in CEE, One United Properties, which boasts a €750m market cap with €3.3 billion Gross Development Value (GDV) and a 10,000-unit residential pipeline.

More Headlines from the Solana Ecosystem

Activity on Solana Heated Up in June

🔥 Solana flipped Ethereum in total 24-hour volume twice in June, and generated over 25% of all DEX volume for the month 

🔥 Jupiter exceeded Uniswap V3 in volume for multiple days in June, generating as much as 13% of daily total DeFi volume 

🔥 Jupiter also commands a dominant market share of DEX aggregator volume across all blockchains.

🔥 Volume on Drift experienced a strong rebound after their airdrop, showing impressive user loyalty.

🔥 Marinade Finance launched a new dashboard showing key metrics for Solana validators. Over the past 28 days, validator revenue has exceeded $228 million! 

🔥 Colosseum announced a $60 million fund to drive growth in startups building on Solana.

🔥🔥 VanEck became the first institutional firm to file a Solana ETF, citing "the Solana blockchain’s unique combination of scalability, speed, and low costs.”