#Gate广场创作者新春激励 In the competition among mainstream public chains, Solana has recently received multiple positive developments, with core metrics such as ecosystem revenue and trading volume flourishing across the board, making it the "darling" of the crypto market. The most significant positive news comes from a breakthrough in institutional deployment: Morgan Stanley submitted documents to the U.S. Securities and Exchange Commission, simultaneously applying to launch Bitcoin and Solana ETFs. As a Wall Street giant, its choice to favor Solana over Ethereum is a notable boon for the Solana ecosystem. Previously, the Solana spot ETF achieved a milestone with assets surpassing $1 billion, maintaining continuous capital inflow since launch. The Nasdaq-listed Solana treasury company, Defi Development Corp, currently holds 2.22 million Solana tokens, with over 15% deployed on-chain, and also holds approximately $9 million in cash, stablecoins, and highly liquid tokens. In Q4 2025, it spent $11.5 million to repurchase 20,000 of its own shares, demonstrating confidence in the long-term development of the ecosystem. The ecosystem data also shows impressive performance.

According to Solana's official 2025 review, the total ecosystem revenue reached $2.39 billion, DEX trading volume exceeded $1.5 trillion, stablecoin supply was $14.8 billion, and total transfers for the year amounted to $11.7 trillion (including RMB transactions of $482 billion). Launchpad revenue reached $762 million, with a series of core data highlighting the ecosystem's strong vitality. On-chain, the hottest topic is MEME tokens, with Launchpad platform MEME trading volume hitting a 3-month high. MINI tokens are particularly active, becoming a recent core hotspot on Solana; stablecoin USDE performed outstandingly, with trading volume surpassing $260 million in the past 24 hours, and its continued adoption is expected to further support WFI's value. Perpetual contract DEX trading volume reached a record $451.2 billion, although still behind Hyper Liquid, it fully reflects a positive trend in on-chain contract trading. The number of daily token creations rebounded to over 30,000, with 80% originating from the pump.fun platform, highlighting its dominant position in MEME token issuance.

The graduation share of Less Bank increased to nearly 40%, indicating continuous improvement in platform token quality. Recently, the rise of Bank tokens also has solid data support. Additionally, the Solana ecosystem exhibits a peculiar trend of "copycat" whales: wallets starting with 031312 are heavily shorting Solana ecosystem tokens such as PUMP and MET, with positions exceeding $5 million and a historical profit of $41 million. Even with recent market gains, some of these shorted altcoins have not suffered significant losses and remain profitable. These wallet positions provide important reference for investors interested in altcoins.

The accumulation of multiple positive factors has made Solana one of the most popular public chains in the current market. The progress of institutional ETF applications will become a key focus for market attention in the coming period. If approved successfully, it is expected to bring a new wave of capital into the Solana ecosystem.