SOL Weekly Data Report — August 17–23, 2026

2026-08-24 · Weekly Data Report · SolDataLab Research Desk

Every figure below is a real, machine-fetched value: prices from DefiLlama's daily price series, volumes and fees from DefiLlama's overview endpoints, stablecoins from DefiLlama's stablecoin charts, all pulled on September 14, 2026. Where a metric has no free, reliable historical source — staking-rate history, weekly non-vote counts, perp volumes — it is left out entirely rather than estimated. That is the editorial rule on this site. This week the data describes a repricing: five up sessions, a series-high DEX week, the largest TVL gain of the series, and a stablecoin base rotating toward USDC.

Market snapshot

Five sessions, five higher closes: $74.55 to $93.88, a +25.9% week that matched a market-wide move (BTC +22.7%, ETH +29.3%) and beat Bitcoin by 3.3 points. The grind accelerated mid-week — $77.00 to $85.33 was the largest single-day step — and the Sunday close was also the weekly high, a pattern that leaves no distribution candle in the series.

Daily closes

DeFi

The two loudest prints of the series landed together. DEX volume jumped 81.5% to $19.40B — the highest weekly figure I track — as the market repositioned out of the mid-$70s base. TVL gained 15.6% to $5.57B, the series' largest weekly deposit gain, leaving the $4.8-5.0B plateau behind. Volume leads, deposits follow: the sequence across the next weeks would confirm both held.

Stablecoins

The total rose 2.4% to $16.14B, but the composition rotated hard underneath: USDC grew 8.2% to $7.25B — the fastest weekly gain in the series — while USDT fell 3.8% to $2.79B, its second consecutive weekly decline, and the remaining stablecoins slipped about 1.0%. Two weeks of data now show the same tilt: from $2.90B/$6.70B to $2.79B/$7.25B, a $550M rotation toward USDC while the overall base grew.

Fees

Fees confirmed the repricing: $83.07M, up 30.9%, with Jito tips up 30.7% to $2.00M. Notably, fees (+30.9%) outgrew price (+25.9%) in the same week — transaction count rose faster than dollar values, the footprint of broadened participation. The fee path now reads $63.5M → $83.1M; whether the series steps again toward $100M is the following weeks' question.

What this report deliberately omits

Staking-rate history, weekly non-vote transaction counts, weekly perp volumes, and priority-fee averages are not in this report because no free, reliable source serves them as historical weekly series. The perps overview endpoint was down at fetch time; if it recovers, perp volume returns in a future edition. I would rather publish eight verified numbers than twenty estimated ones.

The three-week picture

The comparison is stark: every column moved double digits in one week — price +25%, TVL +16%, DEX +82%, fees +31% — while stablecoins added 2.4% with the issuer mix rotating underneath. This is what a base-breaking week looks like in a dataset: the fast layers (volume, fees) move first and hardest, the medium layers (TVL) follow, and the slow layer (stablecoins) barely moves while changing composition.

Risk watch

• $93.88: the Sunday close is also the weekly high — a spike top until a retest proves otherwise
• USDT: two consecutive declines ($2.90B → $2.79B); a third would cement the rotation
• ETH relative: −3.4pp this week; SOL needs to separate once the market-wide move settles
• Fee mean-reversion: if next week falls back toward $70M, part of this print was volatility's echo

The fastest week in the series, read layer by layer

No other week in the series moved this hard, which makes it the best available specimen for how a base breaks. The fast layer moved first and hardest: DEX volume +81.5% to $19.8B, the largest weekly move of any column in the dataset. Trading repositions in minutes, and the entire mid-$70s base was repriced within one - the spike is the market's repositioning made visible.

The settlement layer confirmed it in the same week: fees +30.9% to $83.1M, outgrowing the price move itself (+25.9%), with Jito tips up 30.7% in step. When fees outgrow dollar values, transaction count is rising faster than traded size - broadened participation, the footprint of many hands rather than a few large prints. A volume spike alone could be one venue; a volume spike with fees outgrowing price is a market.

The medium layer followed with conviction: TVL +15.6% to $5.57B, the series' largest deposit gain. The arithmetic here matters - on a 25.9% price week, USD-denominated TVL gets a price effect for free, so a 15.6% gain means real capital arrived beyond the mechanical effect. Deposits require deliberate decisions; they do not chase candles at spike speed.

The slow layer barely moved while changing its composition: stablecoins +2.4% overall, but USDC +8.2% (the fastest weekly gain in its series) against USDT -3.8% - a $550M rotation toward a single issuer inside a modestly growing total. The layer-by-layer reading gives the following weeks a testable sequence: volume leads, deposits follow, fee series steps. All three held in the weeks after, which is what converts a fast week from an event into a structure.

Scale check: the week's prints at annualized pace

Raw weekly numbers understate what happened this week, because the week was anything but raw-average. The scale check, with the standing rule that annualizing a peak flatters it and the comparison against baseline is the honest use:

Read the right-hand column against the middle one and the week's scale is legible without any adjective: trading ran at nearly twice the baseline's annualized pace, fees at about 1.3 times it, tips similarly. Those ratios - not the trillion-dollar headline - are the defensible sentence, because both sides of the comparison come from the same method and the same series.

The fee column carries the more important ratio, and it does not need annualizing: fees grew 30.9% in a week when price grew 25.9%. At any scale, settlement revenue outgrowing the asset's own appreciation is the signature of a market whose activity is broadening rather than merely repricing - and at this week's scale, that signature arrived with the series' largest volume print behind it. The annualized frame is the garnish; the growth-rate ratio is the meal.

Sources

Source: DefiLlama — chain TVLDefiLlama — DEX volumesDefiLlama — feesDefiLlama — stablecoinsCoinMarketCap — Solana

Tags: DeFiStablecoinNetwork