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Solana’s DeFi Lead Is Holding — But Activity Is Cooling $SOL Solana remains one of the most important networks in the DeFi market, but the latest data shows a more complicated picture. Galaxy Research’s Q2 analysis found that Solana maintained the #1 position in global spot DEX volume for the seventh consecutive quarter. However, quarterly spot DEX volume fell 45%, while network fees declined 44% and TVL dropped 14%. That divergence matters. Solana is still attracting significant on-chain activity, but the decline in trading volume suggests that market participation has cooled from previous peaks. The key question is whether this is simply a cyclical slowdown or evidence of weaker speculative demand. There is another side to the story. Solana’s real-world asset (RWA) supply crossed 3 billion USD in June, showing that activity is gradually expanding beyond traditional DeFi trading. Institutional interest is also developing. Bitwise is exploring a way to tokenize its Solana staking ETF shares on-chain, potentially connecting traditional investment products with blockchain infrastructure. For SOL, the next signal is not simply price. DEX volume, TVL, stablecoin liquidity, RWA growth and institutional adoption will reveal whether Solana’s ecosystem is becoming more durable—or merely moving through another speculative cycle. #Solana #SOL #DeFi #Crypto #RWA #MarketAnalysis