SOL Weekly Intelligence — August 17–23, 2026
Every week we answer the same five questions about the Solana ecosystem. The fixed format keeps us honest — you can compare any week directly against any other and see what is actually changing, rather than what is loud. At the end you will find a health check and a week-over-week change table.
How to read this brief
Each question gets a direct answer first, then the data behind it. Answers are intentionally short: the format is built for comparability, so the value is in the trend between weeks, not in any single week's prose.
Network — How active is the network?
Very active, at a new baseline. Non-vote transactions totaled 366M for the week (+4.0%), with a daily peak of 55M — below last week's record 58M but far above the ~50M baseline that preceded the record week. Active addresses rose to 2.5M (+4.2%) and new addresses to 368K (+7.6%). Average TPS (network-wide, including validator votes) settled around 4,140.
- Step-change confirmed: no day below 49M, all week in a 49M-55M band.
- Active addresses (7d): 2.5M — the highest reading since May 2026.
- New addresses: 368K (+7.6%) — onboarding, not just re-engagement.
- Network health: 100% uptime, no incidents, no missed-slot streak.
Stablecoins — How is USDC performing on Solana?
Strongly, for a third straight week. USDC supply rose to $9.4B (+3.3%), a new local high, and total stablecoin supply crossed $10.5B. USDT on Solana is stable at ~$0.9B. Growth continues to be driven by settlement and payments corridors — two new ones added in as many weeks — not speculation.
| Asset | Supply | 7d change | Role |
|---|---|---|---|
| USDC | $9.4B | +3.3% | Settlement, payments, DeFi collateral |
| USDT | $0.9B | Flat | Arbitrage and CEX flows |
| Others | $0.2B | Flat | Niche and emerging issuers |
USDC's share of the stablecoin stack rose to 89.5%. The next level to watch is $10B USDC alone — a break would be the first time since late 2024 and would confirm the payments thesis rather than just the trading thesis.
DeFi — What happened in the DeFi ecosystem?
A steady, broad-based week. DEX volume rose 4.7% to $13.4B, perps volume rose 5.8% to $9.1B, TVL reached $9.7B, and restaking TVL extended to $1.35B — decelerating to +3.8% after two stronger weeks.
- DEX: Jupiter's routing upgrade showing in large-order flow; Raydium and Orca liquidity stable.
- Perps: $9.1B weekly volume — the fastest-growing sector this week.
- Restaking: +3.8% w/w — direction positive, slope decelerating; week 3 will judge.
- Lending: TVL up ~3.4% to ~$3.0B, following the broader market.
Sub-sector breakdown
| Sector | Volume / TVL | 7d change | Reading |
|---|---|---|---|
| DEX (spot) | $13.4B vol | +4.7% | Broad-based |
| Perps | $9.1B vol | +5.8% | Fastest mover |
| Lending | ~$3.0B TVL | +3.4% | In line with market |
| Restaking / LST | $1.35B TVL | +3.8% | Decelerating, still up |
| Liquid staking share | ~7.1% of staked | +0.1 pp | Slow structural drift |
The restaking question now has three consecutive weeks of inflows behind it: after last week's +12% jump, this week grew a further +3.8% to $1.35B. The direction is still up, but the slope has flattened — next week's data is the judge. If deposits stick, we call it a trend; if they rotate out, it was incentive-chasing.
Fees & Staking — What happened in the fee and staking market?
Fee pressure normalized. Average priority fees fell 20% to ~0.00008 SOL and Jito MEV tips declined 29% to $0.5M for the week, while network fees settled at $5.9M (-14.5%). Staking held at 65.2% with blended APY at 7.0%.
| Metric | This week | Last week |
|---|---|---|
| Avg priority fee | 0.00008 SOL | 0.0001 SOL |
| Jito tips (7d) | $0.5M | $0.7M |
| Network fees (7d) | $5.9M | $6.9M |
| Staking rate | 65.2% | 65.1% |
| Blended APY | 7.0% | 7.1% |
Falling fees on rising usage is the healthy version of normalization — it confirms the record week was high-frequency, fee-sensitive traffic rather than congestion. The thing to watch is the flip side: if fees stay low because launchpad activity fades without settlement growth replacing it, that is a concentration story, not a capacity story.
Outlook — What deserves attention next week?
- The first comment letters in the 19b-4 review — the initial exchange often sets the tone for the entire ETF process.
- Whether SOL closes above $192 on volume — the breakout test after this week's rejected probe.
- Whether daily non-vote transactions hold above 50M — the new-baseline test.
- Restaking flows in week 3 — trend confirmation or airdrop-chasing unwind.
- Whether any new issuers join the ETF race now that acknowledgment has cleared the way.
Watchlist
| Event / metric | Why it matters | Signal to look for |
|---|---|---|
| 19b-4 comment letters | Sets the tone for the ETF review | First substantive exchange |
| SOL $192 level | The breakout test | Close above $192 on volume |
| Non-vote tx baseline | Confirms the step-change | Holds above 50M/day |
| Restaking flows | Week 3 of the trend test | Net deposits continue |
| New ETF entrants | Race broadening | Additional S-1 filings |
Overall: constructive. The ETF process moved from filing to review, usage held at a new baseline, and fee pressure cooled. The main risks are macro (a broad risk-off tape) and the fee-basis concentration on launchpad activity — both are watch-items, neither has flipped.
Health check
| Dimension | Signal | Status |
|---|---|---|
| Network activity | New baseline held, zero incidents | Green |
| Stablecoins | USDC +3.3%, payments-driven | Green |
| DeFi | TVL +3.2%, perps volume +5.8% | Green |
| Fee market | Normalizing — usage up, pressure down | Green |
| Staking | 65.2%, APY stable | Green |
| Regulatory | 19b-4 acknowledged; clock running | Amber (watch the clock) |
| Meme concentration | Launchpad share elevated but cooling | Amber (monitor) |
Five green, two amber, zero red. The ambers are both watch-items rather than problems: the ETF comment period and the concentration of activity in launchpad traffic. Both are covered in the watchlist above.
Changes versus last week
| Indicator | Last week | This week | Direction |
|---|---|---|---|
| Non-vote txs (7d) | 352M | 366M | Up |
| Active addresses | 2.4M | 2.5M | Up |
| TVL | $9.4B | $9.7B | Up |
| DEX volume (7d) | $12.8B | $13.4B | Up |
| USDC supply | $9.1B | $9.4B | Up |
| SOL price | $187.42 | $190.26 | Up |
| Avg priority fee | 0.0001 SOL | 0.00008 SOL | Down |
| Jito tips (7d) | $0.7M | $0.5M | Down |
| Network fees (7d) | $6.9M | $5.9M | Down |
| Staking APY | 7.1% | 7.0% | Flat-to-down (noise) |
Ten indicators: six up, four down — and the split is the message. Usage, price, TVL, stablecoins and volume all rose; fee metrics all fell. That divergence — growth without fee pressure — is the cleanest possible read on a healthy network, and it is the opposite of the congestion narrative that dogged Solana in earlier cycles.
What does 'non-vote transactions' exclude?
It excludes consensus votes cast by validators, which make up the majority of raw Solana transaction counts. Non-vote transactions represent actual user and application activity — the number that matters for usage.
Is a falling priority fee bearish?
Not when usage is rising. It means more blockspace is being filled by fee-sensitive traffic at the base rate — the capacity story. It only becomes a concern if fees fall because activity is rolling over.
Why track Jito tips separately?
Tips are the measurable part of validator MEV income. They tell you how much of Solana's fee economy is driven by timing-sensitive trading (arbitrage, liquidations, launches) rather than ordinary settlement.
What would make you change the outlook to bearish?
Two consecutive weeks of declining stablecoin supply, TVL rolling over while price rises (leverage-driven), a close below $185, or any formal setback in the ETF review.
Why do you answer the same five questions every week?
Comparability. A fixed format means any two weeks can be placed side by side and the differences are immediately visible — that is more valuable for research than bespoke prose each week.
What does 'amber' mean in the health check?
Amber means 'watch, not worried': the item deserves attention but does not yet change the thesis. Items move from amber to red only when they persist across multiple weeks.
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