Solana network activity is currently shattering all-time highs in many different areas. Daily network fees are now at $3.8M, a new record and up 754% on the month. Meanwhile, daily DEX trading volumes are over $3.8B, also a new record and up 430% on the month.
In terms of users,
Solana continues to capture network fees at a record pace and now represents about 16% of all daily fees collected across major protocols. Yesterday, roughly $31M worth of fees were captured throughout the space including Ethereum ($12.9M), Tron ($4.7M), Lido ($3.5M), and Bitcoin
Quietly $ETH is having its best month of ETF inflows since December, with over $400M of capital pouring in. Thatโs more than the last four months combined (-$176M) and marks the third best month since ETH spot ETFs launched last July.
Buckle up ๐
Over the past 7 days, Solana has handled over $348B of stablecoin volume on the network. To put this into perspective, this is more than double the amount on Ethereum, which handled $159B of stablecoin volume during this same time period and was the second most overall.
Net deposits into @KaminoFinance have surged by $1.6B (80%) to a new all-time high of $3.6B. The protocol now manages $1.5B in active loans and just hit a record $1.4M in daily fees.
Kamino is now the 3rd largest lending protocol in terms of both active loans and total
Solana dev activity looks like a complete wasteland right now. Weekly commits in free fall over the last 12 months. Hopefully this is mainly related to all of the VC exit liquidity projects getting flushed from the system ๐ $sol
Despite all of the recent regulatory, macro, and security headwinds, $BTC balances on exchange wallets are trending upwards. Remember, self-custody is ๐
We've now reached 8 consecutive weeks of net outflows from institutional investors. In total this represents $417M in digital assets exiting. This past week was the most severe, with $88M in outflows ($52M in $BTC and $36M in $ETH).
Everyone runs when the battle gets tough ๐
9 straight days of 9-figure $ETH ETF inflows, with over $3.2B pouring in.
Spot ETH ETFs now collectively hold over 5 million ETH, accounting for more than 4% of the total supply.
Buckle up.
h/t @FarsideUK
Over the last 6 weeks, $2.1B worth of stablecoins have left exchanges, down 14% since May and down 48% YTD. Liquidity continues to be at a premium and buying power is approaching new yearly lows.
Despite all of the regulatory uncertainty, $ETH deposits continue to march forward at a historic rate, especially if we look at the weekly SMA.
In terms of daily volume, over 12,800 $ETH ($23.6M) were staked in one day (June 1). This shatters the previous high of 7,628 (2020).
As we close out the month, open interest on $BTC has soared to new yearly highs. There is now over $13.1B worth of open futures contracts, the most since November 2022, and up 30% over the last 7 days. Everyone is betting on an ETF ๐