SOL Weekly Data Report — August 31–September 6, 2026

2026-09-07 · Weekly Data Report · SolDataLab Research Desk

Our weekly quantitative pulse of the Solana network, covering the seven days through Sunday, September 6, 2026. Every figure below is compared against the prior week, with day-by-day detail and a trailing four-week view at the end. All data is cross-checked against Solscan, SolanaFM, DefiLlama, CoinMarketCap and CoinGecko; discrepancies between sources under 1% are normal.

Executive summary

The breakout week, and the boring kind of confirmation: SOL rose 2.4% to $203.40, closing above $200 on volume for the first time since early 2025, while every on-chain metric stepped up in lockstep — 382M non-vote transactions, 2.7M active addresses, TVL at $10.3B for a second week above $10B, and USDC crossing $10.0B. Fee revenue rose 4.8% on usage rather than congestion, and there were no incidents, fee spikes or de-pegs. When price and fundamentals cross their levels in the same week, the read is simple: the trend is real.

1. Market snapshot

A breakout week with a conservation-of-momentum quality: the Wednesday session closed above $200 on above-average volume, and the days that followed consolidated between $201 and $206 instead of extending vertically. Volume rose 6.4% on the week — real participation, not just the breakout day — and funding stayed mildly positive, indicating conviction without crowding. SOL has now outperformed both majors for six straight weeks.

2. Network activity

The baseline stepped up again: no day fell below 52M, the week summed to 382M, and the peak (57M, Friday) came from launch windows rather than congestion. New-address growth (+3.1%) and active-address growth (+3.8%) stayed in their usual lockstep — a base that is onboarding and re-engaging at the same time. This is the third consecutive week the daily floor has moved up rather than down after a peak week.

Day-by-day transaction path

The shape of the week is a staircase with a Friday cap: transactions rose into Wednesday's breakout, held through consolidation, peaked at 57M on Friday's launch windows, and settled on Sunday at 52M — the floor, not a fade. The weekend pattern (high counts, moderate address counts) remains the launchpad-and-script signature, contained as always by flat fees.

3. DeFi

TVL held above $10B for a second week, finishing at $10.3B (+3.0%), and perps volume crossed $10B in a single week for the first time (+4.1%). Restaking extended its streak to a fifth week of growth (+4.2%), and lending followed the market. The composition again mattered more than the headline: liquidity, leverage and yield-seeking capital all added, so the second week above the threshold is a base, not a visiting print.

How much of the TVL move is price?

SOL rose 2.4% during the week. If TVL had only moved with price, it would have grown roughly 2.4%; it grew 3.0%. Of the ~$300M increase, roughly $60M is plausibly net new deposits beyond the price effect — a smaller deposit figure than last week, which is expected in a breakout week when much of the move is the existing base being marked up. The durability story this week is not the deposit rate; it is that nothing left. Holding above $10B through a price breakout, without an outflow, is the stronger signal.

4. Stablecoins

The milestone: USDC crossed $10.0B on Solana for the first time since late 2024, completing a month-long climb from $8.8B at the start of August. Growth remains settlement-led — the corridors added last month are now running volume — and USDC's share of the stack reached 90.1%. A fifth consecutive week of stablecoin growth, with the fastest-growing component being the one driven by payments rather than trading.

5. Fees and staking

The fee story resolved its open question: Jito tips held at $0.6M — flat against last week's 20% jump — confirming the demand shift rather than a one-week blip. Network fees rose 4.8% to $6.6M on higher transaction counts at an unchanged average priority fee, and staking ground up to 65.8% with APY drifting 0.1 pp as fee distribution normalizes. Nothing here is congestion; all of it is volume.

Day-by-day fee pressure

The fee curve was the flattest of the breakout era: even Wednesday — the day SOL closed above $200 — priced at the weekly average. Sunday again processed heavy traffic at the week's lowest fee, the signature of fee-sensitive payments and launchpad traffic that abundant capacity absorbs without premium. The volume-weighted weekly average lands at ~0.00008 SOL, matching the headline figure.

What the week tells us

Fastest-growing metrics

1. Network fees: +4.8% — pure volume, zero congestion.
2. Restaking TVL: +4.2% — fifth consecutive week of growth.
3. Perps volume: +4.1% — the sector's first $10B week.
4. Active addresses: +3.8% — usage held at the elevated baseline.
5. DEX volume: +3.5% — broad-based spot activity.

Declining or flat

• Jito tips (flat at $0.6M) — held at the elevated level for a second week, confirming the demand shift rather than a blip.
• Staking APY (-0.1 pp) — structural drift, not a concern.
• Priority fee (flat at 0.00008 SOL) — flat even through the breakout day.
• USDT supply (flat at $0.9B) — the trading-side stablecoin is stable while the settlement side grows.

Anomalies and risks

No outages, no fee spikes, no de-pegs. The one thing to flag is the deposit rate: TVL's marginal growth this week was mostly price effect (~$240M of ~$300M), with roughly $60M of fresh capital. That is normal for a breakout week — existing deposits get marked up — but two or more weeks of deposit-led growth returning would strengthen the base further. Watch whether restaking and lending deposits re-accelerate as the tape settles.

Trailing 4-week view

Four weeks of across-the-board growth across every series in the table above, now with the breakout on top of it: a $203.4 SOL and a $10.0B USDC, both on rising usage, both without a single day of congestion. The four-week slopes are steady — price +8.5%, USDC +$0.9B, DEX volume +14.1%, non-vote transactions +8.5% — and none of them is steepening into a spike.

Reading the slope

• Price: $187.4 -> $203.4 (+8.5% over four weeks), with each weekly close above the last and the $200 line now crossed.
• USDC supply: +$0.9B over the month — the strongest sustained run of 2026, now past $10B.
• DEX volume: +14.1% over four weeks — steady, not steepening into a spike.
• Non-vote txs: +8.5% over four weeks — the floor has moved up every week since the record.

Fee math: what a transfer actually costs

Roughly two cents per transaction — and through the highest-attention week since the ETF acknowledgment, that figure never moved. Fee efficiency is the quiet constant behind every growth metric on this page: settlement volume chooses rails by cost, and this one stayed cheapest at the exact moment usage peaked.

Indicator definitions and methodology

• Non-vote transactions: user and application transactions, excluding validator consensus votes (which dominate raw Solana transaction counts).
• Active addresses: unique addresses with at least one successful transaction in the period.
• Network fees: base fees + priority fees, in SOL, converted at the week's average price. Jito tips are reported separately as validator MEV income.
• Staking rate: staked SOL divided by total circulating supply.
• Average priority fee: the volume-weighted average of per-transaction priority fees across the week.
• Compute units (CU): the metered execution cost of a transaction; Solana caps CU per block, which is the real throughput constraint.
• Restaking TVL: value locked in Kamino and Sanctum restaking vaults, cross-checked against DefiLlama.
• Data reconciliation: all figures are pulled from Solscan, SolanaFM, Solana Beach, DefiLlama, CoinMarketCap and CoinGecko; where sources disagree by more than 1%, the discrepancy is flagged rather than averaged away.

Risk watch

• $200 retest: the breakout needs the level to act as support; a fast rejection back below it would re-invalidate the move.
• Fee-basis concentration: fee revenue still leans on launch-window bursts; watch the mix, not just the level.
• Meme-cycle cooling: the leading indicator is Jito tips, which would fall before transaction counts do — tips held this week, so no flag.
• Stablecoin reversal: two consecutive weeks of declining USDC supply would break the strongest fundamental story on the chain.
• ETF review: the window runs to late October; any extension request would most directly hit price, with on-chain metrics lagging by days.

Bottom line

The week the levels broke: $200 fell on volume, USDC crossed $10B, and the elevated baseline stepped up again beneath both milestones. Fees rose with usage and never with congestion, tips held their new level, and the ETF clock ran clean. Every watch-item we flagged last week resolved constructively — which is not a common event, and worth marking. The base case from here: consolidation above $200, the ETF docket as the next catalyst, and the boring, compounding fundamentals underneath.

Tags: NetworkDeFiStablecoinPriority FeesStaking