TLDR Tech / Crypto
Solana's app layer is outpacing SOL itself
Solana's application layer is heating up well ahead of any broader "Solana season" narrative, pointing to Jupiter's aggregator volume rising 238% over 30 days to $18.3 billion, Orca's DEX volume up 20%, Raydium doing $4.3 billion in DEX volume as the default venue for new token listings, and Pump.fun generating $26.4 million in fees in an otherwise quiet market. On valuation, Pump.fun trades at a $537 million market cap against a $316 million annualized fee run rate, while Orca trades at just $70 million against a $41 million run rate, meaning a re-rate to roughly 10x its fee run rate would put ORCA near $6.75 and JUP near $0.59, suggesting the infrastructure layer may be repricing before SOL moves.
Read the full story