Solana Surges 9.681% as Axiom Exchange Hits $200M Revenue Milestone

Solana's latest price was $191.83, up 9.681% in the last 24 hours. The cryptocurrency has been in the news recently for several reasons, with a focus on its ecosystem developments and market activities. One of the key highlights is the performance of Axiom Exchange, a Solana-based trading bot that has achieved significant milestones. Axiom Exchange reached $200 million in revenue on August 4, setting a record for the fastest app in the crypto sector to achieve this milestone. This achievement came just 73 days after Axiom passed $100 million in revenue, further strengthening optimism in the Solana community. The trading bot has gained wide adoption among Solana users and has previously become the fastest platform to reach $100 million in revenue in 129 days. SolanaFloor shared on social media that Axiom’s new record reinforces Solana’s growth story in the current market cycle. Solana’s official account also shared a brief post calling the period “Revenue szn,” indicating strong ecosystem momentum. Traders and investors have linked this performance to the potential for higher SOL prices, with market commentators believing that high network usage often translates into better price performance for the token.

Despite the optimism, Solana faces heavy resistance near the $189 level. Large whale movements have also influenced market sentiment. Over 226K SOL, valued at $40 million, were recently moved to exchanges. These transfers came after Galaxy Digital moved 224,000 SOL over the weekend, adding to selling pressure. Despite selling activity, ecosystem updates have kept interest in Solana strong. OSL HK became the first Hong Kong exchange to offer SOL retail trading, expanding accessibility for new investors. Jeff Bezos’ Blue Origin also announced that SOL would be accepted for spaceflight bookings alongside Bitcoin, Ethereum, Tether, and USDC. Solana continues to push development initiatives. The launch of the Solana Seeker smartphone is part of a wider strategy to increase community engagement and network usage. Meme token projects on Solana have also shown growth, with graduation rates surpassing 3%, suggesting a rise in on-chain activity.

Another significant development is the unstaking of $35 million worth of SOL from an Alameda Research account. Alameda Research initially locked up the SOL in late 2020. The connection instantly raises eyebrows, given the firm’s infamous collapse in late 2022. The recent unstaking has fueled speculation among traders and analysts, with some viewing it as a potential signal of forthcoming market activity involving SOL. While the transfer does not necessarily imply an immediate sale, the movement of such a substantial amount could influence short-term price dynamics and sentiment. The $35 million worth of Solana recently unstaked from an Alameda Research account had an initial value of just $350,000 when it was locked in late 2020 — a remarkable 100x increase. This staggering growth in value underscores Solana’s meteoric rise over the past few years. The move suggests that some activity is underway in the ongoing recovery and redistribution process tied to Alameda’s bankruptcy.

Solana’s ecosystem continues to evolve with the introduction of p-tokens, which are designed to enhance transaction efficiency. P-tokens, or Pinocchio tokens, are an optimized high-performance library for writing Solana programs. Created by Anza, a research and development company spun off from Solana Labs, p-tokens aim to replace the existing Solana program library, typically referred to as SPL. The Pinocchio library uses zero-copy types to ensure data does not need to be copied to separate memory addresses, thereby reducing computational limits and eliminating excessive network bloat. Researchers and developers across the Solana ecosystem believe that p-tokens can save approximately 95% of computational resources for the most commonly used programs on Solana, effectively increasing the efficiency of ordinary transactions by 19 times. Theoretically, the reduction in CU (computational units) means more transactions can be squeezed into a block, accelerating throughput and increasing validator rewards. Despite concerns that such a large-scale systemic change might require massive token migration activities, Solana Foundation’s pricing manager Ben Hawkins assures that “inputs and outputs will not change. It’s just a better way to achieve the same goals.” The p-token roadmap indicates that the Solana token is still under development and currently undergoing security audits. Once the audit is complete, the full network p-token implementation will be submitted as a SIMD-0266 governance proposal. If the proposal is accepted, p-tokens are expected to be deployed within a few months of approval.

Solana has demonstrated notable institutional accumulation activity, with corporate entities including Upexi, Bit Mining, and DeFi Development Corp collectively holding over 3.5 million SOL tokens. This substantial position underscores growing confidence within the investment community regarding Solana's staking infrastructure and broader ecosystem development trajectory. The accumulation signals recognition of the network's long-term potential beyond short-term speculation.

The Solana ecosystem itself expanded significantly, achieving an 8% weekly growth rate that pushed its total market valuation above $250 billion. This expansion underscores the platform's increasing adoption and the robustness of applications being built on its network. Concurrently, regulatory progress emerged with the U.S. Securities and Exchange Commission granting approval for certain Liquid Staking Token (LST) products linked to Solana, a development potentially enhancing staking flexibility and accessibility for participants.

Infrastructure milestones further contributed to Solana's momentum. Axiom Exchange, a decentralized exchange operating on the Solana blockchain, achieved a substantial $200 million in cumulative revenue, highlighting significant protocol adoption and activity. This achievement, alongside observable accumulation by large-scale investors often termed 'whales', points to sustained operational success and belief in the network's utility for facilitating real-world transactions and financial activity.