ETHEUR
Ethereum / Euro
crypto Composite

The problem really is ETH’s price.
People do not believe in ETH the way they believe in Bitcoin. On top of that, there is the leverage issue, which keeps making every downturn worse.
Most of us here still believe in Ethereum and ETH. But outside this community, I think far more people have lost interest or never bought into the thesis in the first place.
That sucks, but ignoring it does not help.
Ethereum needs something major that makes people want to own ETH again. Not just developers. Not just people already in the community. Regular investors, institutions, and people looking at crypto from the outside.
ETH needs a reason to matter again.

Also with any luck the bearish predictions of ETH at $600 are just as wrong as the $20k bull predictions. Though the bearish predictions are a lot more accurate.

ETH powers most of DeFi but the spending layer is still broken for most people

Because anthropic mythos found a bug in z cash that could have created unlimited coins.
Ppl ate afraid frontier AI will find other bugs/exploits in BTC / ETH or wallets, making them lose digital holdings with no recourse.

Nah, I'm a ETH maxi to my core. A little worried about David Hoffman's mental health right about now though.

>Rule #2:
>No altcoin (BTC, ETH, XRP, NEO, etc.) discussion and/or promotion, altcoins are off-topic in the Stellar subreddit.
Altcoin discussions are better had on r/cryptocurrency or other general crypto subs. You also have a bit more leeway posting on r/xlm with regards to your article.

**Source:** [https://x.com/toma\_adv/status/2062547788911591783](https://x.com/toma_adv/status/2062547788911591783)
# Solana: May 2026 Update
https://preview.redd.it/040y611qyb5h1.png?width=680&format=png&auto=webp&s=f7c42bb6e5f17ae689679fcb056e9aa31d501c14
While SOL held roughly flat on the month, the application layer stood out, with revenue rising 16% MoM to $68M and institutional appetite returning as ETP inflows accelerated to $110.6M off a depressed April. Tokenized assets extended their year-to-date growth and set a new all-time high in volume, while early signs of risk appetite returning to the market showed up in memecoin volumes overtaking stablecoin swaps for the first time since January and in strong volume across foreign tokens. Looking ahead, the value accrual question now sits at the center of Solana mindshare, with SIMD 547 targeting burns scaled to requested resources and SIMD 550 proposing faster disinflation as complementary paths toward closing net emissions. This preview provides excerpts from the [Solana May monthly update on Lightspeed](https://solanalightspeed.com/reports/solana-may-2026-update).
https://preview.redd.it/ve776d6ryb5h1.png?width=680&format=png&auto=webp&s=2e1f7c695b71cd1c7c1ae4823664f5648613535c
# Institutional Flows: ETFs and DATCOs
SOL ETP inflows total $110.6M in May, accelerating sharply from $17.8M in April. April’s ETP inflows were by far the lowest since SOL ETFs were approved in the US by the SEC in July 2025. The sharp inflow bounce from this local bottom may signal renewed appetite by institutions for Solana exposure. By contrast, Solana DATCO holdings were largely unchanged for an eighth consecutive month, constrained by limited secondary liquidity and persistent mNAV discounts. DATCOs trimmed about 150k SOL tokens from April to May.
https://preview.redd.it/8pkpgdzryb5h1.png?width=680&format=png&auto=webp&s=a0ba2953ce77f1319b6fd798e84cb2d8130409e0
On a market cap adjusted basis, May SOL ETP inflows amounted to 0.25% of SOL’s market cap. Following a market cap adjusted inflow of 0.05% in April, May inflows represent a meaningful reversion, far above the usual 0.12% market cap adjusted inflow.
# Financials
Solana’s Real Economic Value (REV) totaled $18.1M in May, a 2.6% MoM decrease. All components of REV stayed relatively flat MoM, with priority fees falling 8% and Jito tips increasing 9% MoM.
https://preview.redd.it/xc4nzvvsyb5h1.png?width=680&format=png&auto=webp&s=1900fe0fc6b038170eb9cdbacd7d13464a49972a
We have intensively covered how Solana’s microstructure has continued to favor priority fees over Jito tips in recent months. However, after seemingly bottoming in March at 17%, Jito tips as a share of REV has continued to increase MoM (19% in April, 21% in May). Nonetheless, priority fees still make up a majority of REV, representing 59% of REV in May.
https://preview.redd.it/ir2eixjtyb5h1.png?width=680&format=png&auto=webp&s=14fc2152c13181cb55b46bee5126adef646daf94
REV measures user demand to transact on a blockchain, tracking all value paid for transaction execution. Solana’s share of network revenue stayed relatively flat at 13% MoM, placing it as the fourth highest chain by revenue behind Hyperliquid (31% of network revenue), Tron (23%), and Ethereum (14%).
https://preview.redd.it/qcqqib7uyb5h1.png?width=680&format=png&auto=webp&s=73b99d50f9dda6b372eca09cf16d1da6b2bf2fb5
In addition to REV, token holder net income amounted to -$1.2M in May, a 22% increase compared to April’s -$1.5M figure. Token holder net income is the value distributed to the token, either in the form of SOL burn or staking rewards, and is calculated as REV less any Operator Payments (e.g., validator commissions, Jito’s take rate, LST management fees, etc.).
https://preview.redd.it/gjivfizuyb5h1.png?width=680&format=png&auto=webp&s=309c3616a200bf3058e2d578742b6919471d89be
# Applications
# Revenue
Application revenue serves as an indicator of success for businesses within an ecosystem. While we tend to focus on REV, the true metric of an ecosystem’s product market fit is the revenue generated by user-focused applications.
Solana apps generated $68M in revenue in May, up 16% MoM from $59M in April. Bear in mind we are currently tracking a subset of applications, so we presumably underestimate total app revenue on the network, though only marginally.
https://preview.redd.it/1uu0jgtwyb5h1.png?width=680&format=png&auto=webp&s=d5933392ff8223801406a2864500dfc9f4c354ae
The highest revenue-generating apps on Solana in May were Pump ($34M, 50% of Solana app revenue), Collector Crypt ($9M, 13%), Phantom ($4.3M, 6%), and Axiom ($3.7M, 5%). This is an all time high in monthly revenue for Collector Crypt, a collectibles marketplace and gacha protocol. This all time high in revenue has accompanied a rally in the platform’s CARDS token, which surged close to 150% in May.
https://preview.redd.it/l432046yyb5h1.png?width=680&format=png&auto=webp&s=5e051af648702a182e0039a5e59168bf58fbbe10
Solana DEX volumes amounted to $48.0B in May, down 9% MoM from $52.3B in April. Regarding DEX composition, 46% of total volumes came from the SOL-stablecoin pair, with memecoins coming in second at 20%, and stablecoin swaps coming in third. Notably, this is the first time that memecoin trading volumes have surpassed stablecoin swap volumes since January of this year.
https://preview.redd.it/6l93jaczyb5h1.png?width=680&format=png&auto=webp&s=3b85b650008690bf839b60266db9aba48ecbb24c
Regarding DEX dominance, BisonFi was the leading prop AMM by trading volume in May, with just over $8B in processed volume, representing 17% of volume. GoonFi volumes have seen major growth, from 5% of volume share in April to over 8% in May (+57% MoM). Notably, following its displacement as the leading prop AMM in January of this year, Humidifi continues to fall down the ranks of processed volume. Humidifi processed 4% of volumes in May, its lowest full month share of volume ever.
https://preview.redd.it/256e4d21zb5h1.png?width=680&format=png&auto=webp&s=7c153c86ec9c6eef22668df5cfae03cd6927c723
Tokenized asset volumes reached a new all time high in May at over $1.1B in volume. A majority of this volume came from tokenized equities.
https://preview.redd.it/940ctww1zb5h1.png?width=680&format=png&auto=webp&s=04a69656415e79aff8181f208a41d45c8f253608
Next to this, the volume share of foreign tokens on Solana also reached an all time high at 8% of volumes. While this is still a relatively small share of overall volumes, foreign token volumes have proved resilient in the face of broader activity downturn. Foreign token volumes amounted to $4B in May, with Bitcoin and Hyperliquid contributing $2.9B in volume. This is the first time that HYPE volumes have surpassed ETH volumes on Solana.
https://preview.redd.it/ui50b4d3zb5h1.png?width=680&format=png&auto=webp&s=6a6de5ff4899288469651d03661285f0cc5d6af3
While Jupiter has maintained its dominance on DEX aggregator market share, DFlow’s surge to 14% of DEX aggregator share has pushed Jupiter to its lowest share ever at 74%. Notably, 79% of DFlow volumes are routed to prop AMMs, with a majority of this volume going to BisonFi, the leading prop AMM on Solana.
https://preview.redd.it/9woxwtj4zb5h1.png?width=680&format=png&auto=webp&s=e555fc7cbdf58693783093b1cd78122d4fedcd2b
# Launchpads
Launchpad monthly revenue rose slightly in May to $24M from $22M in April, led by Pump with $23.3M in revenue (a 98% market share). This is Pump’s highest market share since March 2025, when it was the sole launchpad on Solana.
https://preview.redd.it/ty8ifjt5zb5h1.png?width=680&format=png&auto=webp&s=9a0c4854cb8ae9e74427d4795952d95ce59d1fac
# ICM / Raises
As previously mentioned, MetaDAO’s permissionless platform (Futardio) recorded its first successful raise since March. Jurassic Finance, a project tokenizing authenticated dinosaur fossils, raised $200K for its RAWR ownership token against more than $15M in commitments. The team plans a separate Q3 raise of roughly $1M to acquire its first specimen, a Triceratops head, issued as its own SPV token.
# Stablecoins
Solana's stablecoin supply increased by 2% MoM, closing May at . USDC circulating supply on Solana decreased by about $0.57B (-6.4%), while USDT supply remained flat at . Following [Jupiter Lend’s USDe integration in mid-May](https://x.com/JupiterExchange/status/2054555473580523880), which saw the launch of a vault managed by Bitwise, USDe on Solana has seen explosive growth. In May, USDe grew from virtually zero to over $500M in supply.
https://preview.redd.it/xaszht67zb5h1.png?width=680&format=png&auto=webp&s=6b249e9c9a48dfa0375701f6f93c29bd49e766de
# Looking Forward
While SOL remained flat in May, the application layer stood out, with revenue rising 16% MoM to $68M, while institutional appetite returned as ETP inflows accelerated to $110.6M from a depressed April. Tokenized assets continued showing strength with a new all time high in volume, continuing its year-to-date growth. There may also be some signs of risk appetite reentering the market with memecoin volumes overtaking stablecoin swaps for the first time since January and foreign tokens experiencing strong volume numbers.
Looking ahead, the value accrual question now sits at the center of Solana mindshare, with SIMD 547 targeting burns based on requested resources and SIMD 550 proposing faster disinflation as complementary paths to closing net emissions.
The information contained in this report and by Blockworks Inc. and related affiliates is for general informational purposes only and is not intended to provide legal, financial, or investment advice. The report should not be construed as an offer or solicitation to buy or sell any security, token, or financial instrument and does not represent any recommendation or endorsement of any investment or financial product or service. Blockworks Inc. and related affiliates are not registered as a securities broker-dealer or an investment advisor in any jurisdiction or country.

Another milestone reached - over 4 million ETH is now locked in Ethereum 2.0