Jack Kubinec 

Mert Mumtaz

Jeffrey Albus

The essential source for all things Solana — exclusive news, deep analysis, and the latest trends.

Lightspeed

Gm! This week we're joined by Blockworks Research to discuss the announcement of Pump's $4B TGE announcement. We deep dive into Pump's strategy, the launchpad wars, should crypto apps build mobile first &amp; is this bullish or bearish for the Solana trenches. Enjoy! 
--
Follow Ryan: https://x.com/_ryanrconnor
Follow Danny: https://x.com/defi_kay_
Follow Boccaccio: https://x.com/salveboccaccio
Follow Jack: https://x.com/whosknave
Follow Lightspeed: https://twitter.com/Lightspeedpodhq
Subscribe to the Lightspeed Newsletter: https://blockworks.co/newsletter/lightspeed

Join the Lightspeed Telegram: https://t.me/+QUl_ZOj2nMJlZTEx
--
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. 

Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
--
Grab your tickets to Permissionless IV. Use code LIGHTSPEED10 for 10% off: https://blockworks.co/event/permissionless-iv
--
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
(00:00) Introduction
(01:00) Pump Fun’s ICO Is Confirmed
(11:10) Katana Ad
(12:10) Pump Fun’s Strategy
(21:58) Is Pump Fairly Priced?
(25:35) The Launchpad Wars
(34:04) What’s Next For Airdrops?
(37:21) Who Are Pump’s Main Competitors?
(43:04) Katana Ad
(44:03) Should Crypto Apps Build Mobile First?
(48:59) Is Pump’s TGE Bullish For Solana?
(01:07:50) Final Thoughts
--
Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation.

Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mert, Jack, and our guests may hold positions in the companies, funds, or projects discussed.

Is Pump Fun's Token Launch Bullish For Solana?

Gm! This week we're joined by Ariel Seidman to discuss everything happening with Hivemapper in 2025. We deep dive into the Hivemapper origin story, how to monetize as a DePIN network, how to attract more builders to crypto, partnering with robotaxi companies &amp; more. Enjoy! 
--
Follow Ariel: https://x.com/aseidman
Follow Jack: https://x.com/whosknave
Follow Lightspeed: https://twitter.com/Lightspeedpodhq
Subscribe to the Lightspeed Newsletter: https://blockworks.co/newsletter/lightspeed
 
Join the Lightspeed Telegram: https://t.me/+QUl_ZOj2nMJlZTEx
--
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. 
 
Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
--
Ledger, the global leader in digital asset security, proudly sponsors the Lightspeed podcast. As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your Solana assets. Buy a LEDGER™ device now and build confidently, knowing your SOL are safe.
 
SOL lovers, grab your Ledger Flex Solana Edition now at:
https://ecommerce-shop-frontend.stg.ldg-tech.com/products/ledger-flex-solana-edition-sol-eligibility
--
Grab your tickets to Permissionless IV. Use code LIGHTSPEED10 for 10% off: https://blockworks.co/event/permissionless-iv
--
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
(00:00) Introduction
(01:24) The Hivemapper Origin Story
(07:08) How Does Google Maps Monetize?
(11:43) Katana Ad
(12:36) Ledger Ad
(13:06) Partnering With Robotaxi Companies
(20:34) How Does Hivemapper’s Data Collection Compare To Tesla?
(22:31) What Is Bee?
(25:02) Katana Ad
(25:55) Ledger Ad
(26:25) Launching With A Token vs U.S Dollars
(30:03) The Evolution Of DePIN
(32:09) Do DePIN Networks Need Tokens?
(38:58) Do Subscription Models Work For DePIN Networks?
(46:35) Integrating AI With Hivemapper
(53:19) How To Attract More Builders To Crypto?
--
Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation.

Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mert, Jack, and our guests may hold positions in the companies, funds, or projects discussed.

How Hivemapper Will Compete With Google Maps | Ariel Seidman

Gm! This week we're joined by Eugene Chen to discuss how to improve Solana's market structure. We deep dive into what Eugene is building with Atlas, Phoenix &amp; SolFi, how to improve market making in crypto, MEV on Solana, how to build a great product &amp; more. Enjoy! 
--
Follow Eugene: https://x.com/0xShitTrader
Follow Jack: https://x.com/whosknave
Follow Lightspeed: https://twitter.com/Lightspeedpodhq
Subscribe to the Lightspeed Newsletter: https://blockworks.co/newsletter/lightspeed
 
Join the Lightspeed Telegram: https://t.me/+QUl_ZOj2nMJlZTEx
--
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. 
 
Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
--
Ledger, the global leader in digital asset security, proudly sponsors the Lightspeed podcast. As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your Solana assets. Buy a LEDGER™ device now and build confidently, knowing your SOL are safe.
 
SOL lovers, grab your Ledger Flex Solana Edition now at:
https://ecommerce-shop-frontend.stg.ldg-tech.com/products/ledger-flex-solana-edition-sol-eligibility
--
(00:00) Introduction
(03:24) What Is Atlas?
(06:39) Multiple Concurrent Leaders
(09:21) How To Improve Market Making In Crypto
(13:58) Katana Ad
(14:50) Ledger Ad
(15:20) How To Optimize Phoenix?
(23:00) Does Decentralization Matter?
(27:36) MEV On Solana
(28:29) Katana Ad
(28:59) Ledger Ad
(34:58) How To Build A Great Product In Crypto
(39:06) SolFi: Solana’s Premier Liquidity Source
(44:05) Improving Solana’s Market Structure
(47:39) Sandwiching On Solana
(52:17) Final Thoughts
--
Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation.

Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mert, Jack, and our guests may hold positions in the companies, funds, or projects discussed.

How To Improve Solana's Market Structure | Eugene Chen

Jack Kubinec

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



The crypto exchange Gate briefly <a href="https://x.com/whosknave/status/1942313027493073003">published</a> a webpage yesterday showing that pump.fun’s reported forthcoming token would go on sale early Saturday morning. Within a few hours, the page had been taken <a href="https://x.com/SolanaFloor/status/1942339492909666802">down</a>.



It’s the latest twist in a token rollout that has seen information come from just about anyone but pump.fun itself. Gate and pump.fun did not comment on the token sale webpage or whether the Saturday morning presale date was correct. The snafu went down as a BONK-themed launchpad commands impressive revenue figures compared to pump’s.



In early June, <a href="https://blockworks.co/news/pumpdotfun-token-sale">we first reported</a> that pump.fun had plans to raise $1 billion at a $4 billion valuation via a token sale. Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-06-03/solana-based-memecoin-platform-pump-fun-plans-1-billion-raise-via-token-sale">confirmed</a> the news, as did The Block — which also <a href="https://www.theblock.co/post/357359/pump-fun-will-distribute-protocol-revenue-to-pump-token-holders-sources">scooped</a> that the platform plans to distribute revenue to token holders.



But in the month since, pump.fun has remained tight-lipped about the whole situation — no founder podcast circuit, no points program, no other pageantry that typically revolves around a token rollout. In talking to sources, I get the sense the specifics of pump.fun’s TGE plan is not very well known, even to relative insiders.



<a href="https://x.com/whosknave/status/1942657755740864670">Gategate</a> underscores what has always seemingly been pump.fun’s PR strategy: Don’t say anything unless you absolutely need to. The exchange and its founders rarely, if ever, get involved in the multiple controversies that have sprung up around the project — with the only exception to wit being when it <a href="https://blockworks.co/news/pumpdotfun-suspends-livestream-feature">disabled its livestreaming feature</a>.&nbsp;



So far, that strategy has worked out pretty well for consumer crypto’s revenue <a href="https://app.blockworksresearch.com/analytics/pumpfun/?dashboard=127">behemoth</a>. Still, some believe a credible challenger to pump.fun’s dominance has finally emerged. Letsbonk.fun, a launchpad built with Raydium’s LaunchLab, has bested pump in revenue each of the past three days, taking 61% of Solana launchpad market share yesterday compared to pump.fun’s 19%, according to Blockworks Research <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=339">data</a>.



But I really wouldn’t bet on it. Pump.fun could just announce a token airdrop based on trading activity if it wanted to, and I bet the platform’s volume would spike right back up.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Lightspeed Newsletter

Gate publishes then removes pump.fun token sale page

Jeff Albus

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Bad news first. Solana closed June at $155, which is down 1.2% month over month. That&#8217;s not catastrophic, considering a broader altcoin slump, but SOL has underperformed BTC and HYPE for the second straight month.



Real economic value (REV) fell 48% in June, DEX volume dropped 35%, and Token Holder Net Income plunged 56% MoM, <a href="https://app.blockworksresearch.com/flashnotes/solana-june-2025-update">according</a> to a recent update from Blockworks Research — though it&#8217;s worth noting Solana still <a href="https://blockworks.co/analytics/l1/chain-compare-overview/network-rev">leads across all networks</a> by these metrics.



On the upside, Solana <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=39">processed</a> over 2.1 billion successful transactions in June, setting a new record. App revenue hit $150 million, up from $133 million in May, which was 35% of all application revenue across chains. The highest-earning apps (Pump and Axiom) pulled in over $76 million in June, driven by memecoins and leverage.



It&#8217;s now Wednesday, and <a href="https://blockworks.co/news/sec-rex-osprey-first-solana-staking-etf">as promised</a>, the REX-Osprey SOL Staking ETF is <a href="https://x.com/Crypto_Inside_/status/1940412863069479296">live</a>. The price of SOL popped to $161 on the anticipatory lead-up but fell back toward $146 within a day. At the time of publication, SOL prices <a href="https://blockworks.co/price/sol">hover</a> around $152.&nbsp;



Pump <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=202">flipped</a> Raydium in DEX volume for the first time, closing June with a 32% share vs. Raydium&#8217;s 26%. Trading-focused apps now <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=15">account</a> for nearly 90% of Solana&#8217;s total application revenue.&nbsp;



Meanwhile, xStocks — <a href="https://blockworks.co/news/tokenized-stocks-good-bad">tokenized US equities</a> — went <a href="https://x.com/xStocksFi/status/1939630016238907651">live</a> June 30. There are 11 listings so far (SPYx, TSLAx, MSTRx, etc.), with 40 more <a href="https://app.blockworksresearch.com/flashnotes/solana-june-2025-update">in the pipeline</a>. Day-one volume cleared $1.3 million.



Validator income is <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=131">compressing</a> fast. Jito tips dropped to 51% of total REV, and the validator set shrank by 25% due to Solana Foundation offboarding.



With FCFS and app-specific sequencing <a href="https://app.blockworksresearch.com/flashnotes/solana-may-2025-update#network-health">on the horizon</a>, revenue for operators may decline further as latency supplants fees as the primary competitive advantage.



In June, Solana apps <a href="https://app.blockworksresearch.com/analytics/solana">generated</a> $2.40 in revenue for every $1 in REV, another all-time high. With the pump.fun ICO <a href="https://blockworks.co/news/pumpdotfun-token-sale">confirmed</a> (timeline still TBD), don&#8217;t be surprised if that trend accelerates.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

ETFs

Solana ETF bump fizzles after $161 price spike

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Nick Manannikov just graduated from Brooklyn Technical High School. Sitting in a restaurant a stone’s throw from his new alma mater, Manannikov is somewhat surprised by this fact.



“Somehow” he graduated, Manannikov told me, but for most of the past year, the long-haired teen has been building a business running Solana RPCs and validators. It involved lots of work calls and business during the school week and, this being crypto, a number of flights to conferences, including two month-long stints at Salt Lake City’s mtnDAO.



But while Manannikov may not be remembered much for his presence in the classroom, he is leaving his high school something it didn’t have before — a dedicated Solana validator.



Manannikov’s crypto company Shark Labs helped BTHS’ crypto club launch the validator, which is meant to give students “hands-on experience with running the nodes.” The high school node <a href="https://solanabeach.io/validator/Ay5AcULBRJznGEEaGm2mWziRbefETRjdfZ1kwsoXS9u">oversees</a> roughly 15,000 staked SOL.



Manannikov came to the US as a political refugee right before high school. His family was forced to flee Russia on two days’ notice after his father refused business demands made by figures with government connections, Manannikov told me.&nbsp;



After moving to the US, Manannikov combined an interest in coding with a flair for making money. He and a couple friends ran bots on the Kick streaming platform to claim giveaways the app was running to boost usage. He also got into crypto, first through NFTs and later through memecoins.



After turning a hefty profit sniping a Solana NFT collection called “Deez Nuts,” Manannikov decided to parlay his earnings into launching an RPC business, which became known as Shark Node. The startup has been successful enough that Manannikov decided to pursue it full time in lieu of college. He shares an office space on Broadway, and the business is profitable, Manannikov told me.



In the fall, Shark Labs decided to start running Solana validators. To get the new business line off the ground, the company would need to get into the <a href="https://blockworks.co/news/solana-foundation-pruning-validators-delegation">Solana Foundation Delegation Program</a>, a grant-like program for smaller validators. They narrowly missed meeting with a Solana Foundation connection at <a href="https://blockworks.co/news/solana-developers-are-reaping-vc-rewards">Breakpoint</a>, but Manannikov saw Solana Foundation executive director Dan Albert would be attending <a href="https://blockworks.co/news/lightspeed-newsletter-solana-boston">Solana Boston</a>.



“​​I was like, shit, I guess I got a hop in a bus, go there tomorrow, try to confront him in real life and be like…‘Answer our Telegram messages, please,’” Manannikov said.



Shark Labs got into the delegation program, and it has now gotten BTHS’ validator a delegation as well. Its validator-as-a-service model won’t stop in Brooklyn, either: Manannikov just <a href="https://x.com/ghostofharvard/status/1940054139192721618">announced</a> his company is partnering with 20 universities to launch dedicated Solana validators. These validators will charge no commission fees.&nbsp;



There are “no limits” in crypto, Manannikov told me. “If you&#8217;re good at what you do and you can actually execute on things, no one cares what your background is.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

education

Brooklyn teen deploys Solana node for his high school

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



On Friday, the SEC <a href="https://x.com/EricBalchunas/status/1938752099564560864">informed</a> REX Shares and Osprey Funds that it had “no further comments” on their solana staking ETF filing.



In ETF regulatory parlance, industry watchers often view that phrase as the SEC’s implicit greenlight. It’s the same wink-and-a-nod that preceded the <a href="https://blockworks.co/news/sec-approves-bitcoin-etf">launch</a> of spot bitcoin ETFs from BlackRock, Fidelity and others.



Essentially, the review is done. Fire when ready. According to <a href="https://x.com/REXShares/status/1939724797111304346">a post on X</a>, the fund will begin trading this Wednesday, July 2.



The product, officially titled the REX-Osprey Solana and Staking ETF, would be the first US ETF to offer investors exposure to Solana’s price movements alongside native staking rewards.



Unlike traditional crypto trusts, this ETF is <a href="https://www.rexshares.com/rex-osprey-etfs/">structured</a> under the Investment Company Act of 1940 using a C-corporation format, which allows staking income to flow through to investors without triggering regulatory red flags around yield, taxation or custody.



That structure was the hurdle.



When treated as ordinary income, staking rewards had proven incompatible with trust-based fund models, which couldn’t easily distribute variable staking yields.



On May 30, the SEC asked REX and Osprey to delay the effective date of their registration statements, <a href="https://blockworks.co/news/sec-staking-etf-objection-implications">citing unresolved concerns</a> over whether the proposed fund structures met the definition of an “investment company” under the 1940 Act.



Bloomberg’s James Seyffart <a href="https://x.com/JSeyff/status/1928543214530683328">noted</a> at the time that the funds’ “unique” C-corp format could bypass the typical 19b-4 rule-change process, and the SEC’s silence on the C-corp workaround now appears to validate it as a compliant solution.



REX Shares, stretching for its victory lap, has already begun <a href="https://x.com/REXShares/status/1938719417258647982">publicly teasing</a> the ETF as “coming soon.” Meanwhile, analysts like Eric Balchunas weighed in: “They are good to launch it looks like. Wow,” he <a href="https://x.com/EricBalchunas/status/1938752099564560864">posted</a> on X.



Until now, <a href="https://blockworks.co/analytics/solana/solana-supply-staking-and-validators">access to staking</a> meant handing tokens over to a crypto exchange or configuring your own validator setup. This ETF dramatically lowers that barrier.



For the first time, traditional investors may gain passive Solana exposure plus staking yields using the same brokerage account they use for stocks or index funds.



That leap in accessibility is precedent-setting. Several Ethereum-staking ETFs are queued behind this one, and Solana’s approval now offers them a roadmap. Though let&#8217;s be clear — Ethereum’s staking mechanics (like slashing and its longer unbonding period) will add complexity.



I think we can now also say that, at least under the present administration, the SEC was never trying to block staking outright. It just needed the right wrapper: one that could handle yield, taxes, custody, and compliance in a way that TradFi understands.



And while REX and Osprey aren’t quite household names in the way that <a href="https://x.com/pete_rizzo_/status/1920909692563239283">BlackRock</a> is, they now hold the first-mover advantage in what could become a multibillion-dollar ETF category.



The timing also coincides with a rise in staking momentum, with Jito, the Solana-based liquid staking and MEV protocol, <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=131">up 5.7%</a> today. Meanwhile, Robinhood just <a href="https://x.com/0xMert_/status/1939720784185839810">launched</a> its own in-app SOL staking, offering retail investors a direct alternative.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

SEC clears way for first Solana staking ETF

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Firedancer has quietly delegated stake to 32 Solana validators to kick off its new delegation program, according to the client’s <a href="https://delegation.firedancer.io/validators">website</a>.



Delegation, or staking some of an organization’s crypto with a number of validators based on some criteria, has been <a href="https://blockworks.co/news/solana-foundation-pruning-validators-delegation">used by the Solana Foundation</a> to help smaller validators get started on the network. Firedancer may be hoping the delegation program can help convince validators to start running its Frankendancer client, which currently <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=131">accounts</a> for just 8% of all staked SOL. That <a href="https://blockworks.co/news/4-big-questions-following-the-solana-accelerate-conference">proportion is up</a> from 5-6% around a month ago.&nbsp;



Firedancer is a from-scratch rewrite of Solana’s software being created by Chicago-based trading firm Jump. Firedancer would be Solana’s first true alternative client from the original built by Solana Labs, which is now known as Agave. With two clients, Solana would be protected from having a single point of failure on the client side — which can cause things like network downtime.



A limited version of the client, called Frankendancer because it combined chunks of the Agave client with Jump-written code like Frankenstein’s monster, <a href="https://blockworks.co/news/lightspeed-newsletter-solana-firedancer-testnet">went live in late 2024</a>. Full Firedancer is live in <a href="https://x.com/solana/status/1837375225341583686">non-voting</a> mode. The participants in Firedancer’s delegation program are running Frankendancer.



Onchain data <a href="https://solscan.io/account/AjLzAtJHDVQ4c2WMnSXt94a5BNt4CorH63af2uEmgkyF#stakeAccounts">shows</a> an account labeled as having been funded by Jump Crypto delegated roughly 20,000 SOL to the approved validators. One validator, Watchtower, received over 1.2 million SOL. In a Discord message, Solana Foundation validator relations lead Tim Garcia <a href="https://discord.com/channels/428295358100013066/1069760203240784002/1385498863070347345">said</a> a user named italo, who is <a href="https://x.com/italoacasas?lang=en">associated</a> with Watchtower, is running the delegation program for Firedancer.



The Firedancer delegation participants I spoke to had generally positive things to say about the client.&nbsp;



H2O Nodes noted that Frankendancer is more stable now than the original Solana client was when it started running a validator in 2022. Ian Unsworth from Kairos Research said the firm’s validator has been packing more compute units into blocks since switching to Frankendancer, which translates to incrementally higher rewards compared to the network average. RockawayX founder and CEO Viktor Fischer agreed — estimating that Frankendancer offers 10-15% higher performance when measured by average compute units.&nbsp;



Unsworth said Frankendancer is yet to face a true stress test, but added that the reported forthcoming pump.fun token could spike network activity and push Frankendancer’s limits.



Firedancer has <a href="https://delegation.firedancer.io/blog/introducing-the-firedancer-delegation-program">said</a> that it plans to delegate 2 million SOL to around 100 validators in the first phase of its delegation program. It also noted every iteration of the program will run for around 3 months.&nbsp;



Notably, Firedancer’s initial delegation standard of 20,000 SOL per validator is less generous than the Solana Foundation’s Delegation Program. The Solana Foundation stakes 35 million SOL across 569 validators, for an average of roughly 60,000 SOL per validator.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Firedancer begins delegating stake to Solana validators

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



It&#8217;s been a wild week out there, with liquidations rocking the market over the weekend and into Monday.&nbsp;



While Solana volumes spiked, memecoins <a href="https://blockworks.co/analytics/solana/solana-dex-activity-2-0">still held the top spot</a>, defying expectations of a risk-off shift.



The shifting market sands came into clearer focus <a href="https://www.aljazeera.com/economy/2025/6/24/fragile-iran-israel-ceasefire-calms-oil-markets">following</a> the fragile ceasefire deal between Iran and Israel. The deal, unexpectedly brokered by US President Donald Trump, seems to have pulled global markets out of a nosedive.



On <a href="https://blockworks.co/price/sol">Solana</a>, that détente unleashed a wave of forced liquidations, according to <a href="https://solanafloor.com/news/defi-sol-liquidations-market-crash">reporting</a> from SolanaFloor. Over $31 million in SOL perps were wiped onchain, surpassing even CEX liquidations for the second day in a row. Onchain liquidations exceeded centralized volumes by 96%, clearing the decks for a structural rebound.



While centralized markets found their footing, Solana validator revenue <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=131">continued to cool</a>, and net staking yields held steady at 7.23%. Supply dynamics began to shift as liquid staking tokens (LSTs) crept upward again, hinting at renewed confidence in passive yield strategies.



Risk is still here. But capital is learning where it wants to live. And increasingly, that seems to be Solana.



The chain has <a href="https://blockworks.co/analytics/l1">remained the top performer</a> across all L1s and L2s in network revenue for more than 13 weeks now. Developer activity has stayed elevated. And while SOL&#8217;s price action remains tethered to macro chop, the fundamentals are quietly diverging.



Bitcoin, meanwhile, retraced from its recent highs, briefly <a href="https://blockworks.co/price/btc">dipping</a> below $100,000 for the first time since early May during the weekend selloff. However, it reclaimed key levels after the ceasefire without triggering a cascade of further liquidations. Capital appears to be rotating within crypto, not exiting it.



This week&#8217;s activity exposed a deeper rotation in how capital behaves under stress. In the face of macro risk, Solana mostly saw reallocation rather than outflows. Liquidity stayed onchain, stablecoin volume surged and perp infrastructure absorbed volatility faster than centralized markets did.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Donald Trump

Risk-on in Solana, even as ceasefire cools tensions

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



DeFi infrastructure firm Yield.xyz has exited stealth with a $5 million strategic round from Multicoin Capital, Lightspeed has learned exclusively.&nbsp;



Yield.xyz aggregates staking and DeFi yields into one set of APIs. This lets wallets, crypto apps and neobanks offer DeFi functionality without having to manually integrate a laundry list of yield venues. Down the line, the platform aims to offer a more automated yield strategy, where the DeFi yield rate can be abstracted away and built around <a href="https://blockworks.co/news/yield-protocol-infinifi-banking-onchain">users’ risk appetites</a>.&nbsp;



Yield.xyz, which was formerly known as Omni, got its start in the 2021 crypto cycle as a multichain wallet app. Earlier this year, the company was acquired by Echo Base, the company behind the peer-to-peer crypto marketplace Paxful.



With the rebrand and fresh funding from Multicoin, Yield is now honing in on <a href="https://blockworks.co/news/centralized-exchanges-defi-mullet">general yield integrations</a>.&nbsp;



Crypto allows developers to spin up new pools of capital basically instantly. This can be dopamine-inducing for users, but a pain point for user-facing apps. Yield noticed that some of its clients would have 20 or more employees cobbling together DeFi APIs and creating “backend Frankensteins,” co-founder Serafin Lion Engel told me. When employees would leave the wallet or app companies, it would be costly to figure out how to maintain the codebases, he added.&nbsp;



With Yield.xyz, apps can just integrate one API and get access to hundreds of staking and DeFi integrations, Lion Engel said. It’s the largest yield supplier by number of integrations for the <a href="https://blockworks.co/news/hardware-wallet-ledger-integrates-defi-for-enhanced-liquidity">crypto wallet Ledger</a>.&nbsp;



Yield.xyz’s infrastructure offers access to over 200 yield sources on Solana, according to a tracking sheet viewed by Blockworks. This number will likely grow further with the firm’s support from Solana-aligned Multicoin, which gives Yield a “front row seat to everything that’s going on in Solana,” Lion Engel said.



Down the line, Yield wants to onboard more traditional fintech-y firms like neobanks. It also wants to create an automated yield strategy where deposits can automatically rebalance and possibly create something like a unified DeFi yield rate. The demand for these developments could be driven by the explosive <a href="https://blockworks.co/news/stablecoins-accelerating-payments-commerce">growth in demand</a> for stablecoins.&nbsp;



“Now it&#8217;s very easy for you to onramp and get access to stablecoins. The next thing is really going to be being able to get yield on them,” Lion Engel said.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

blockchain

Yield.xyz nets $5M Multicoin bet to eliminate ‘backend Frankensteins’

Fundamental insights and behind the scenes perspectives from the industry’s key operators and innovators

Empire

The must-follow crypto brand for savvy degens who want to think like researchers and analysts.

0xResearch

Investigates the macro landscape as the laws of investing are being rewritten, helping investors adapt to a rapidly changing environment.

Forward Guidance

Join Rizzo, The Bitcoin Historian, as we detail Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.

Supply Shock

The Breakdown

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



I spent a decent part of today checking out Solana Compass, an independent validator and community-built scoring platform that’s been active since 2021. It <a href="https://x.com/SolanaCompass/status/1941114054183170485">ranks</a> Solana validators based on performance, reliability and decentralization.



Some validators seem to have been deliberately slowing down their nodes in an attempt to catch more high-value transactions and increase their profit by widening their transaction intake window. If you&#8217;ve ever wondered why your swap took longer than expected or why a transaction seemed to hang for no reason, a slow validator may have caught you in its dragnet.



According to Solana Compass, one epoch last week ran nearly <a href="https://x.com/SolanaCompass/status/1941114051238449642">an hour longer</a> than expected due to these nodes, meaning that every user had to wait longer for their transactions to land.&nbsp;



It&#8217;s hard to know how much is optimization vs. exploitation, but with over 33% of stake concentrated in the top 19 validators, the effects cascade quickly. The faster Solana tries to move, the more these sluggish actors slow it down.



The slowest leaders in Epoch 814 included Galaxy, Kiln1 and Kiln2, Chorus One, and several anonymous nodes. All have average block times far above the 400ms target, in some cases exceeding 800ms.



Combatting this, Solana Compass <a href="https://x.com/SolanaCompass/status/1941114051238449642">announced</a> on Friday that it will now penalize the ranking of any validator whose block times consistently exceed 420ms. It also factors in decentralization, data center diversity, uptime, skipped votes and even whether the validator has a website or a security policy.



The project <a href="https://x.com/SolanaCompass/status/1941404248077398205">aggregates</a> stats from Firedancer UIs across multiple geos and smooths them over five epochs (~10 days). That makes it difficult for validators to game the system with a single successful run. It also de-risks the noise from skipped slots or regional downtime.



In a time when performance differences are often razor thin, public trust is becoming the real differentiator.



Performance is a shared responsibility. With fewer rewards to go around, the spotlight shifts from raw yield to network alignment. It&#8217;s really thanks to tools like Solana Compass that our community has the knowledge to vote with their stake and the visibility to hold validators accountable.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Solana Compass flags underperforming validators

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Standing outside the Clase Azul loft in downtown Brooklyn, I called my mother to inform her I had just spent $2,000 on a bottle of tequila.



“Are you drunk?” came her stunned reply.



Reader: I was not drunk. I was investing. Two and a half weeks later, I had sold the bottle for $3,000 — courtesy of the blockchain.



In early June, BAXUS co-founder Tzvi Wiesel invited me to join him at a Clase Azul private tasting and bottle launch. At the event, the tequila brand’s head distiller led a tasting, pointing out notes of apple and a blue and orange bottle meant to evoke the New York skyline. Then, the gathered faithful were given the option to buy one or two bottles of “The Loft Brooklyn Collection” — available exclusively in New York.&nbsp;



For much of the event, the salespeople didn’t pay much mind to me, a schlubby crypto journalist, compared to the older, richer-looking clientele. But a few minutes later, I found myself in a cool back room, my hand shaken by an eager-looking employee clad in black. After taking a picture with my $2,000 booze, I sent the bottle home with Wiesel, who then scanned and uploaded it to BAXUS’ Solana-powered spirits marketplace.



BAXUS stores liquor in physical vaults on behalf of spirits collectors. Each bottle is 3-D scanned and paired with an NFT that can be bought or sold on BAXUS. Transactions are settled in USDC, and users can on- or off-ramp from fiat with Coinflow. BAXUS takes a 10% sellers’ fee. Collectors can make multiple swaps without physically possessing a bottle, and if they want to actually drink their liquor, BAXUS will ship it for a $25 fee.&nbsp;



I unsuccessfully listed my bottle for $3,500, but then I got a bite at $3,000, which set me up with a $700 profit after fees. (That’s a 35% return in a couple weeks. Why am I sending this newsletter out for free?)



The whole process was made possible by blockchain tech.&nbsp;



“Blockchain enabled the seamless payment via crypto, the instant settlement in your account, the owner to keep the bottle in the vault while still being able to show verifiable proof of ownership,” Wiesel said in a text. “Think about how the original process required you to go to Brooklyn, pay with a credit card, etc. [If] you wanted to resell it you would have had to go and find a buyer online (illegally) and then [try] to establish trust that you actually have the bottle and will send it to them. This eliminated all of the friction.”



It’s frequently said that crypto needs to solve real problems. In this case, crypto solved my problem of having acquired a limited edition tequila bottle for less than its market value. I hope to face this problem again sometime soon.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Food and beverages

I made a profit flipping tequila on the blockchain

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



TAPEDRIVE won the grand prize in the latest Colosseum hackathon, a popular hackathon-cum-venture accelerator started by original Solana Labs hackathon organizers.&nbsp;



The contest, which I tend to view as a partial litmus test for what Solana builders are interested in at the moment, had a large number of stablecoin entries, one organizer told me. But the grand prize winner took at a stab at a problem internal to Solana: the cost of storing data onchain.



Solana is the busiest blockchain in existence as things stand. With all of this onchain activity paired with fast block times, it can get expensive to store data on Solana. Solana co-founder Anatoly Yakovenko and others have talked about this problem of reducing data storage overhead on the network.&nbsp;



TAPEDRIVE claims to have the ability to read or write data (that is, access or add it to the chain) 1,400x cheaper than Solana’s status quo.&nbsp;



The program basically bundles Solana data and adds less expensive cryptographic proofs to the blockchain. A network of miners is incentivized to store this data using the TAPE token. To earn these token rewards, TAPEDRIVE miners solve data storage challenges in parallel every minute to prove that they hold their assigned portion of the data archive. This all still relies on Solana’s proof-of-stake mechanism for security.



This sounds reminiscent of the first Colosseum <a href="https://blockworks.co/news/ore-wins-50k-solana-hackathon">hackathon winner in ORE</a>, which was a viral proof-of-work game built on Solana that had miners solve puzzles every minute.&nbsp;



The project’s founder, known as Z, told me they’re still “shell shocked” after winning. “I’m really grateful to have the opportunity to work on this full time now. Job’s not done. I’m fairly optimistic it could help a lot of teams once it’s dialed in,” they added.



Interestingly, TAPEDRIVE intentionally doesn’t use zero-knowledge technology for reasons laid out in the white paper of data storage platform Arweave, Z said.&nbsp;



The rest of the hackathon’s winners ran the gamut from prediction markets to gaming, but Colosseum co-founder Matty Taylor said he thinks the strongest entries came from the stablecoins track. Builders in that area were pushing to “grow crypto payment adoption within specific regions and industries,” Taylor said.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>