Publication Date: September 10, 2026
Solana has recently garnered attention on two different fronts. In the United States, the cryptocurrency has taken a significant step toward greater acceptance within regulated investment products. At the same time, the use of Solana for trading tokenized stocks is on the rise.
That sounds positive, but the picture isn’t entirely one-sided. Revenue from transaction fees on the Solana network has actually fallen sharply. This paints a mixed picture of a network that is attracting new applications, but where not every type of activity is growing.
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What exactly did the SEC decide?
On September 3, the U.S. Securities and Exchange Commission (SEC) approved a rule change by Nasdaq Texas. These rules specify the conditions under which certain exchange-traded products involving commodities or cryptocurrencies can be listed more easily on the exchange. The decision explicitly names Bitcoin, Ether, Solana, and XRP as cryptocurrencies that currently meet the key requirements.
This is positive news for Solana. It means that, under these specific rules, the coin can be included in certain regulated investment products. As a result, it may become easier for financial institutions to offer exchange-traded products that include Solana.
However, an important caveat is needed: the SEC has not “approved” Solana in a general sense. The decision pertains solely to the rules for listing certain investment products in which Solana can be included.
Tokenized stocks are growing rapidly
A second notable development is taking place on the blockchain itself. More and more traditional stocks are being made available as digital tokens. Such a tokenized stock, for example, tracks the value of a standard publicly traded stock but can be traded via blockchain technology.
The market for this is growing rapidly. In early August, the weekly trading volume in tokenized stocks reached nearly $3 billion at one point. Solana, along with Robinhood Chain and BNB Chain, is among the most important networks on which this trading takes place. In the second quarter, billions of dollars worth of tokenized stocks were also traded via Solana.
This is significant for Solana because the network was originally best known for crypto trading and DeFi applications. The fact that Solana is now also being used for digital versions of traditional investments like stocks shows that blockchain is finding more and more applications beyond the traditional crypto market.
Why Solana, specifically?
Solana is designed to process large numbers of transactions quickly and at relatively low cost. This makes the network attractive for applications involving many transactions in a short period of time. This can be an advantage when trading tokenized stocks. These digital shares can be transferred quickly via blockchain technology and, in some cases, traded outside of normal stock market hours.
However, it is important to note that a tokenized share is not automatically the same as a regular share. The exact rights an investor has depend on the token issuer and the legal structure of the product.
Not all figures are positive
Despite the growth of new applications, the underlying picture at Solana is mixed. In the second quarter, total transaction costs on the network fell by approximately 44 percent compared to the previous quarter. Trading volume on decentralized exchanges also declined by about 44 percent. A major reason for this is the decline in trading of speculative cryptocurrencies, including meme coins. As a result, there was less activity on the network, and users had to pay higher transaction fees less often to gain priority.
The lower revenue from transaction fees therefore does not automatically mean that Solana is becoming less relevant. Rather, it primarily shows that activity on the network is changing. While a portion of traditional crypto trading declined, new applications such as tokenized stocks actually grew strongly. Solana is thus in a period where the composition of its usage is clearly shifting.
Conclusion
Solana demonstrates that a network can gain value in multiple ways, even when the numbers do not immediately reflect it. Recognition by the SEC and the rise of tokenized stocks point to a broader role for the network, extending beyond the crypto trading with which Solana once began. The fact that this is accompanied by a significant decline in transaction revenue is therefore not a contradiction but rather a sign of a shift: speculative activity is giving way to applications with greater long-term potential.
For investors, this means that Solana’s value depends less and less on the hype surrounding meme coins and increasingly on whether the network can prove itself as infrastructure for more serious financial products. Whether this shift will translate into higher revenue in the coming quarters remains to be seen, depending on the extent to which trading in tokenized stocks and other new applications continues to grow sustainably.
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips on this website are based on our analysts’ own insights and experiences. They are therefore intended for educational purposes only.