Solana: The Bloomberg Terminal of the encryption world

Solana is becoming the Bloomberg terminal of the encryption world, designed for high-speed trading, on-chain composability, and massive yield throughput. This perspective is based on the following three key data points:

1. The SaaS transformation of the launch platform: A certain launch platform has surpassed its competitors, achieving a 60% graduation rate and entering the liquidity pool, with daily revenue exceeding one million dollars. The loss of creator loyalty and the retention rate weighted GMV have become new competitive barriers.

2. Tokenized stocks as core collateral: Achieving around-the-clock liquidity, modular margin, and capital unlocking for private markets. The real market potential lies in the circulation of re-IPO equity.

3. Diversified income structure of Solana: Q2 revenue reached $570 million, accounting for 46% of all public chains. The income mainly comes from decentralized applications, robotic services, launch platforms, and productive tools.

1. Practical Testing of the Launch Platform and Product Market Fit

The rise of a certain launch platform is not just a digital game:

• Market share reversal: On July 5th, the launch of its new token accounted for 66% of the total market volume, while competitors only accounted for 26%.
• Funding quality advantage: The platform has an approximately 60% graduation rate, while competitors only have 31%.
• Cashing ability has made a leap: daily income surged from about $0 to over $1 million, while competitors have dropped to $500,000.

Analysis and Thinking

Retaining weighted GMV is the real moat. The graduation rate is essentially a measure of the net income retention rate of the launch platform; whoever can institutionalize this first will win the enterprise-level API integration market.

Competitors still occupy a large share of creators' mind space (with cumulative revenue of about $700 million), but new platforms have proven that the user switching cost is close to zero. The next round of user attrition may be artificially orchestrated, such as top influencers providing "24-hour listing exchange" guarantee services.

Project scale valuation: Based on a multiple of 10-15 times future sales, a valuation of 1-2 billion USD remains valid.

Low conversion costs mean that users have a mindset of renting rather than owning. The paradigm shift in incentive mechanisms indicates that:

• Creator loyalty is like that of mercenaries; airdrops and influencer promotion packages can lead to collective "job-hopping".
• A defensive moat is equivalent to a networked liquidity rather than a UI experience.

Competitive strategies for new entrants: Excessive investment incentives to promote a leaderboard centered around tokens and days, achieving monetization before resetting the customer acquisition cost model.

2. Tokenized Stocks: A Breakthrough in Traditional Financial Liquidity

Tokenized stocks are not just "stocks on the blockchain"; they:

• Compress traditional financial settlement delays to the minute level
• Explore a new category of collateral assets
• Open financing channels for large private institutions

The winning blockchain ecosystem must meet the following criteria: a regulated token issuance mechanism, a robust oracle system, and a highly liquid perpetual contract market. The winner will become the infrastructure in the tokenized equity space, fully capturing the value appreciation dividends.

Some platforms have whitelisted synthetic put options for Apple Inc. ($AAPL) on-chain, while converting illiquid assets or private equity into composable collateral.

3. Solana as the "Revenue Mechanism" of the Production and Sales Chain

Solana's revenue in the second quarter reached $570 million, accounting for 46% of the market share. Other major public chain revenues:

• Ethereum: $213 million
• TRON: 165 million USD
• Binance Chain: $150 million
• Others: Up to $75 million

Two important observations:

1. The main application scenario of cryptocurrencies is still trading as a service.
2. Built for professional users: Professional users drive profits and losses; mainstream exchanges will subsequently lead the public into the market.

Professional User Advantage Analysis

Solana optimizes the full lifecycle value for professional users:

• Delayed arbitrage cycle: A 400 ms trading interval and low fees enable the bot to refresh orders dozens of times per second.
• Composable leverage: From token launch to perpetual contract collateral, it only takes a few minutes.
• The network incentive mechanism aligns with the demand from whales: professional users are willing to pay more fees, have a low churn rate, and can also lay a liquidity foundation for the platform.

Conclusion

Solana focuses on maximizing the full lifecycle value of professional users, while centralized exchanges bear the costs of KYC, fiat channel maintenance, and beginner support. The fastest-growing companies in the encryption field view blockchain as a high-speed channel for capital markets.