Market Snapshot: Solana Futures Dominate Flows as U.S. Inflation Data Nears Release

Despite a sharp 44% drop in Q2 application revenue, Solana rallied to $217, supported by strong derivatives positioning and growing DeFi adoption. Messari data showed dApp revenues fell across the board — with Pump.fun (PUMP) down 44% and Phantom plunging 65% — but Axiom surged 641% to $126.6M, offsetting some weakness.

DeFi total value locked on Solana jumped 30% in Q2 to $8.6B, and has since surpassed $11B, cementing its place as the second-largest DeFi chain after Ethereum. Kamino Finance and Raydium led inflows, while average daily DEX volumes slumped 45% to $2.5B, signaling waning memecoin-driven activity.