From a data perspective, why I dare to increase my position in $DBR Solana's attention has once again returned to the market center, driven by the wealth effect of the meme fork chain $GOR and the acceleration of ETF approvals. In this context, my determination to remain bullish on $DBR has been further solidified. From the data, the hotter Solana gets, the more important #deBridge becomes, and the more $DBR is worth holding; this is also a structural closed loop. The core reasons I choose to increase my position in $DBR are as follows: 1. Following Bitcoin and Ethereum, corporate treasuries have begun to increase their positions in $SOL, bullish on the Solana ecosystem; 2. deBridge has firmly grasped the bridging dominance of Solana; 3. $DBR is at a historical low, and under various favorable conditions, it offers extremely high cost-effectiveness; 4. The upcoming staking mechanism may become the starting point for revaluation. -------------------------------------------- 01｜First, let's talk about the upstream logic: some corporate treasuries have started to treat SOL as their main holding. Yesterday, the Canadian listed company SOL Strategies submitted a Nasdaq listing application to the SEC, with the code STKE. The company currently holds 420,000 SOL and operates its own validation node. Friends who pay attention to Solana naturally know that after Bitcoin and Ethereum, corporate treasuries have begun to gamble on Solana, with companies like SOL Strategies, DeFi Development Corp, and Upexi leading the third wave. They choose Solana as they see it as a "high-performance financial operating system" and attempt to deeply participate in and build the future on-chain economy by holding SOL. Meanwhile, the SEC has requested multiple ETF applicants to submit revised S-1 documents within 7 days, focusing on the staking structure of SOL. This can be compared to the path adjustments before the approval of the ETH ETF, indicating that the Solana ETF is officially entering the final stage of regulatory alignment. -Upstream has ETFs, -Downstream has corporate treasuries heavily invested, -The market's perception of Solana is shifting from "asset" to "infrastructure." -------------------------------------------- 02｜So the next question is: how does capital flow from off-chain into Solana? After sorting out the bridging data of Solana over the past three months, it was found that: deBridge has become the main bridge for Solana, with a trading volume exceeding $947 million, accounting for nearly 50%. For comparison: -#Wormhole only $742 million during the same period -#Mayan even lower, only $323 million -#deBridge's share has grown from single digits over the past year to now being the leader. More importantly: Solana only accounts for 22% of deBridge's total volume, while deBridge has captured half of Solana's traffic. This indicates that deBridge is not "Solana-specific" but rather a main routing structure in a multi-chain bridging system, with Solana being just the most active segment. -------------------------------------------- 03｜Returning to the token side: $DBR is showing structural undervaluation. deBridge's token $DBR currently has a circulating market cap of just over $40 million, with a total market cap of $140 million and a release ratio of 28.48%. The current price of the token is only $0.01402, close to its historical low (historical minimum $0.01327), showing a clear mismatch between fundamentals and valuation. Several points worth noting: -The token is about to launch staking; -It has not yet been listed on major exchanges, leaving room for pricing; -Protocol data is growing rapidly, but the token is currently at a historical position, offering outstanding cost-effectiveness; From market behavior, funds are using deBridge but have not yet given $DBR a reasonable price. -------------------------------------------- Finally, the logic for increasing my position is not FOMO or emotional trading, but rather that there is indeed a situation of token valuation misalignment. At the same time, from my interactions with the team, deBridge's delivery capability and speed of advancement are particularly strong. The team has been continuously building, with a clear rhythm, and you can feel their spirit of quietly getting things done and a long-term mindset. If you are also paying attention to the upcoming round of "on-chain infrastructure revaluation" for Solana, then $DBR is worth putting on your watchlist.