Solana's apps are moving before $SOL does.
Jupiter's aggregator volume is up 238% over the past 30 days. Orca's DEX volume is up 20%.
Most of CT is still waiting for “Solana season,” but the infra layers are already waking up.
Here’s why they’ve gone higher:
- Jupiter did $18.3B in aggregator volume over the last 30 days and remains the default routing layer for Solana swaps
- Orca is gaining share while a lot of DEX activity elsewhere is flat or down
- $PUMP still generated $26.4M in fees in a boring market
- @Raydium did $4.3B in DEX volume and remains the default listing venue for new Solana tokens
None of this looks like peak-cycle activity.
Here’s why it goes higher:
- A real Solana szn sends more flow through Jupiter
- More token launches mean more volume for Raydium
- More speculation means more activity through $PUMP
- Orca is still under the radar despite growing volume and fee capture
The valuation for these tokens is the most interesting part.
$PUMP trades $537M mcap with a $316M annualized fee run rate.
$ORCA trades at $70 M mcap with a $41M annualized fee run rate.
$ORCA to $6.75 is a $411M mcap coin. That is only 10x its annualized fee run rate.
The same re-rate scenario puts $JUP around $0.59.
Everyone is waiting for $SOL to move, yet the apps are already moving.
Jupiter's aggregator volume is up 238% over the past 30 days. Orca's DEX volume is up 20%.
Most of CT is still waiting for “Solana season,” but the infra layers are already waking up.
Here’s why they’ve gone higher:
- Jupiter did $18.3B in aggregator volume over the last 30 days and remains the default routing layer for Solana swaps
- Orca is gaining share while a lot of DEX activity elsewhere is flat or down
- $PUMP still generated $26.4M in fees in a boring market
- @Raydium did $4.3B in DEX volume and remains the default listing venue for new Solana tokens
None of this looks like peak-cycle activity.
Here’s why it goes higher:
- A real Solana szn sends more flow through Jupiter
- More token launches mean more volume for Raydium
- More speculation means more activity through $PUMP
- Orca is still under the radar despite growing volume and fee capture
The valuation for these tokens is the most interesting part.
$PUMP trades $537M mcap with a $316M annualized fee run rate.
$ORCA trades at $70 M mcap with a $41M annualized fee run rate.
$ORCA to $6.75 is a $411M mcap coin. That is only 10x its annualized fee run rate.
The same re-rate scenario puts $JUP around $0.59.
Everyone is waiting for $SOL to move, yet the apps are already moving.
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