Solana's Price Rises 0.056% as TAPEDRIVE Wins Hackathon Grand Prize

Solana's latest price was $152.25, up 0.056% in the last 24 hours. TAPEDRIVE, a project aimed at reducing the cost of storing data on the Solana blockchain, won the grand prize in the latest Colosseum hackathon. The hackathon, organized by the original Solana Labs hackathon organizers, saw a large number of stablecoin entries. However, TAPEDRIVE stood out by addressing the issue of data storage overhead on the Solana network. Solana co-founder Anatoly Yakovenko and others have previously discussed this problem, and TAPEDRIVE claims to offer a solution that is 1,400 times cheaper than the current status quo. The project bundles Solana data and adds less expensive cryptographic proofs to the blockchain, incentivizing a network of miners to store this data using the TAPE token. This approach still relies on Solana’s proof-of-stake mechanism for security. The project’s founder, known as Z, expressed gratitude for the opportunity to work on TAPEDRIVE full-time and optimism about its potential impact on the Solana ecosystem. Interestingly, TAPEDRIVE intentionally does not use zero-knowledge technology, citing reasons laid out in the white paper of data storage platform Arweave.

Anchorage Digital has announced support for minting and burning JitoSOL, the liquid staking token on Jito, the leading liquid staking protocol on Solana. This move allows Solana holders to directly stake and use JitoSOL through a federally regulated U.S. bank without the need for third-party applications like WalletConnect. Institutional customers and retail Solana holders can now mint and redeem JitoSOL via Anchorage Digital Bank NA, the sole federally chartered crypto bank in the US, which has been approved to offer staking. Additionally, support is available through Anchorage Digital Singapore, which is registered as a Major Payment Institution by the Monetary Authority of Singapore. This integration simplifies the staking process by enabling Solana holders to mint JitoSOL and directly deposit it into their wallets, earning staking and maximal extractable value (MEV) rewards. Users can also redeem their staked SOL at any time. Anchorage Digital will soon enable JitoSOL minting and redemption via Porto, its institutional-grade self-custody wallet, which will feature an in-house staking protocol and not require third-party apps. This decision follows the increasing demand for regulated liquid staking solutions and positions JitoSOL as compliant with traditional staking. The token will interact with both primary and secondary market structures, offering utility to ETF issuers and financial product creators. This launch marks Anchorage Digital’s first liquid staking expansion outside the Ethereum ecosystem and augments its overall support for Solana, which includes SPL token custody and USDG transactions. Anchorage Digital is currently offering its services to institutional accounts in its international entities with the support of Goldman Sachs, KKR, Visa, and Andreessen Horowitz.

DeFi Development Corp has unveiled plans to raise $100 million through a private offering of convertible senior notes to strengthen its Solana-focused treasury strategy as anticipation for potential U.S. approval of Solana exchange-traded funds (ETFs) ramps up. The proceeds will be used partly to repurchase its own shares through a prepaid forward agreement with a note purchaser, while the remaining funds will go toward general corporate purposes, including acquiring more Solana as part of its asset accumulation strategy. The company, which is the first publicly listed firm in the U.S. to pursue a Solana-based treasury model, announced that the notes will mature in July 2030 and pay interest twice a year. The unsecured notes will be offered to qualified institutional buyers under Rule 144A of the Securities Act, with buyers granted an option to purchase an additional $25 million within 13 days of the initial issuance. Prior to January 2030, conversion into company stock or cash will only be allowed under certain conditions. After that, holders can convert the notes at any time before maturity, with the settlement method determined during pricing. The fundraising follows a June regulatory setback for the firm, which forced it to withdraw a planned $1 billion registration filing after the Securities and Exchange Commission (SEC) deemed it ineligible for the streamlined S-3 form due to a missing internal controls report in its annual filing. That filing, submitted in April, was intended to raise capital to build a substantial SOL treasury, similar to strategies used by companies holding Bitcoin to drive long-term value through staking and price appreciation. The company’s latest capital raise comes shortly after its stock fell, indicating an effort to bolster its balance sheet and reassure investors as interest in Solana-based investment products grows. Recent ETF launches have added momentum to the market. On June 1, Rex Shares and Osprey debuted the SOL + Staking ETF, the first U.S. fund providing staking exposure by allocating 40% of assets to overseas Solana products to comply with regulatory requirements. One day earlier, the SEC approved Grayscale’s Digital Large Cap Fund to convert into an ETF, adding indirect exposure to Solana alongside Bitcoin, Ethereum, XRP, and Cardano. As the SEC considers multiple crypto ETF proposals, DeFi Development Corp’s move positions it to benefit from any increase in institutional demand for Solana. The offering remains subject to final pricing and market conditions, and the company has not disclosed when the transaction will close.

The first Solana staking exchange-traded fund in the United States was launched on July 2. The fund, named REX-Osprey Solana + Staking ETF, began trading on the Cboe exchange. On its first day, it recorded $33 million in trading volume and attracted $12 million in investor inflows. Analysts reported strong activity within the opening minutes of trading. The ETF traded under the ticker symbol SSK. Early data suggests assets under management could reach $10 million by the second day. This ETF is the first of its kind focused solely on Solana with a staking component. The debut followed several months of regulatory discussions. The REX-Osprey Solana + Staking ETF is structured under the Investment Company Act of 1940. This legal framework enforces stricter rules compared to earlier crypto ETFs. It also requires assets to be held by a qualified custodian. The fund appointed Anchorage Digital to manage custody and staking operations. Anchorage Digital is a federally regulated crypto bank. It holds authorization to provide both custody and staking services. The choice of custodian aligns with the ETF’s commitment to regulatory compliance. This structure sets it apart from ETFs formed under other, less demanding frameworks. The fund’s launch followed extensive talks with the U.S. Securities and Exchange Commission. The SEC had expressed concerns about staking and fund classification. These questions delayed the launch for several months. However, the regulator authorized the ETF to be continued beyond June 28. Though the ETF was approved, other crypto-related products are still under consideration by the SEC. A recent letter to the New York Stock Exchange confirmed that Grayscale’s ETF remains under review. This indicates the SEC remains cautious despite recent progress. Broader regulatory guidelines for crypto ETFs may still be in development. The ETF’s strong first-day performance also stands out among other crypto products. Although it trails the launch volume of spot Bitcoin ETFs, it exceeded early volumes of other altcoin-related funds. The fund may serve as a reference point for future staking-based ETFs under similar regulatory structures.

DeFi Development Corp has significantly expanded its Solana treasury holdings, accumulating 640,585 SOL tokens and implementing a diversified staking strategy. The corporation partners with multiple validators including Bonk and WIF while leveraging its own infrastructure to enhance network security and generate yield. Its collaboration with protocols like Kamino Finance advances utility through liquid staking solutions, while tokenized shares on Solana's blockchain create new institutional building blocks.

Nine major asset managers have submitted additional applications for Solana exchange-traded funds, with analysts indicating high approval probability for these financial products. This development coincides with the successful launch of the first US-based Solana ETF incorporating staking rewards, providing retail investors with novel exposure mechanisms. Market observers note this expands accessibility beyond traditional cryptocurrency acquisition methods.

Significant on-chain activity occurred with a major holder transferring one million SOL tokens between unidentified wallets. Separately, DeFi Development Corp executed a strategic treasury addition by acquiring 17,760 SOL on July 3rd, 2025, continuing its pattern of systematic accumulation. The corporation utilizes funding mechanisms including convertible notes to facilitate these acquisitions.

Network upgrades continue enhancing Solana's technical foundations with the implementation of Alpenglow and Firedancer improvements. These updates reportedly achieve 150-millisecond block finality timeframes, establishing processing speed advantages for decentralized finance applications. Such optimizations contribute to ecosystem growth, where innovations like SecondSwap help drive the network's total value locked to $15.3 billion.