Solana's Price Drops 3.33% Amid 92% Revenue Surge, Seeks Wall Street Advocate

Solana's latest price was $203.26, down 3.329% in the last 24 hours. The network has experienced significant growth in its ecosystem, with August 2025 data highlighting its dominance in the crypto landscape. The network generated $148 million in app revenue, marking a 92% increase from the previous year and surpassing all other blockchains. This surge is driven by an all-time high perpetual volume of $43.8 billion and 2.9 billion transactions, which is up 46% year-over-year and outpaces the combined activity of other networks by four times. These figures solidify Solana's position as a leading smart contract platform.

The network's decentralized exchange (DEX) volume reached $144 billion, reflecting an 180% year-over-year increase and robust decentralized trading activity. With 83 million active addresses, a 2x yearly increase, and an all-time high in Real-World Assets (RWAs) exceeding $500 million, Solana is attracting both retail and institutional interest. Tokenized stocks hit $92 million in volume, while $77 million in REV, up 22%, highlights its DeFi prowess. Stablecoin supply soared to $11.8 billion from 3.3 billion, with $295 billion in transfers, up 62%, showcasing its payment efficiency. Even Bitcoin on Solana reached $765 million, up 7x year-over-year, alongside 8,434 new tokens launched, 1,938% growth, with 357 valued over $1 million.

Trading platforms earned $85 million on $8 billion in volume, while launchpads generated $51 million, benefiting from Solana’s median fee of $0.001—the lowest fee volatility among networks. This cost efficiency, paired with $92 million in tokenized stock volume, positions Solana as a hub for innovation. The network’s ability to handle high throughput and low costs continues to draw developers and investors, fueling its ecosystem.

Solana's growth has also highlighted the need for a prominent figure to advocate for the network in the digital asset treasury (DAT) game. While Solana has a smaller market cap compared to Bitcoin and Ethereum, it lacks a figure akin to Michael Saylor or Tom Lee, who have significantly boosted the visibility and adoption of their respective assets. This absence has contributed to Solana’s struggle to keep up with Bitcoin and Ethereum treasury companies, which hold roughly 3.4% and 2.9% of all BTC and ETH, respectively, compared to just 1% of SOL.

Multiple sources suggest that Solana needs a Wall Street figurehead from a traditional finance background to keep pace in the current market environment. Potential candidates include Helius CEO Mert Mumtaz, Asymmetric CEO Joe McCann, Solana co-founder Raj Gokal, and Solana Foundation CEO Lily Liu. However, these figures are often involved in other projects, making it challenging to find a dedicated advocate. Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly plotting a $1 billion Solana DAT raise, which could involve Galaxy CEO Mike Novogratz and Multicoin managing partner Kyle Samani. However, their current roles make it unclear whether they would take on a more public-facing position.

Sol Strategies CEO Leah Wald has shown promise as a public face for Solana, with a sizable online following and an impressive institutional crypto resume. However, she has played a more behind-the-scenes role as the Canadian holding company awaits a hoped-for Nasdaq listing. Some DATs are considering relative unknowns to Solana, similar to how Saylor and Lee were to Bitcoin and Ethereum before assuming their current roles. Potential candidates include former White House communications director Anthony Scaramucci and the meme stock influencer Roaring Kitty. However, the high cost of hiring well-known Wall Street figures and the strict compliance requirements pose challenges in securing such advocates.

Despite these challenges, Solana DATs are intent on rolling out their own versions of Saylor and Lee. CoinList recently sent an email to some investors advertising an upcoming SOL treasury company, expected to be the largest on the market with prominent industry backers and a potential "Saylor of Solana." This deal is expected to close and be announced soon, further highlighting Solana's growing ecosystem and the need for a prominent advocate to drive its adoption and visibility in the digital asset treasury space.

Solana's ecosystem is currently buzzing with technical advancements and institutional developments that signal ongoing maturation. The recently implemented Alpenglow upgrade marks a significant leap forward, achieving a notable reduction in transaction finality time down to just 150 milliseconds. This enhancement significantly boosts the network's speed and competitiveness, reflecting a major infrastructure improvement sought by users and developers.

Concurrently, network activity and institutional interest appear robust. Solana's open interest has surged, reaching an unprecedented peak of $13.68 billion. This substantial figure underscores heightened engagement and confidence within the derivatives market regarding the network's future prospects and utility, independent of purely speculative trading motivations.

A distinct theme emerging within financial circles is Solana's search for dedicated institutional champions on Wall Street. Unlike Bitcoin and Ethereum, which have prominent public advocates like Michael Saylor and Tom Lee actively promoting their treasury adoption, Solana currently lacks a comparable high-profile figure with deep traditional finance roots. Existing Solana-focused Digital Asset Treasury (DAT) companies hold only about 1% of the total SOL supply, a notably smaller proportion compared to DAT holdings for BTC and ETH. Efforts are actively underway to bridge this gap.

Behind the scenes, significant capital mobilization is happening. A joint initiative reportedly involving Galaxy Digital and Multicoin Capital is in the works, aiming to establish a substantial $1 billion Solana DAT. While Galaxy CEO Mike Novogratz and Multicoin's Kyle Samani are potential leadership figures associated with this effort, their existing commitments raise questions about their willingness to assume the demanding public-facing CEO role crucial for such a venture. Separately, CoinList has indicated to investors an imminent launch of what it describes as the "largest SOL treasury vehicle on the market," explicitly promising it will feature the "likely 'Saylor of Solana'" and backed by prominent industry figures, targeting a September 8th announcement.

The challenge persists in identifying individuals who possess the requisite Wall Street credibility, mainstream media comfort, and willingness to become the dedicated public evangelist Solana DATs seem to require. While figures like Helius CEO Mert Mumtaz have been approached for involvement due to their standing within the Solana community, the consensus leans towards needing an advocate whose primary focus and reputation reside in traditional finance. The compensation required to attract such high-caliber individuals, potentially running into millions, alongside navigating strict Wall Street compliance protocols, presents tangible hurdles for Solana DATs aiming to match the institutional presence established by competitors.