BLOOMBERG · 2026-10-27 21:00 UTC

Bankman-Fried Favorite Solana Faces Crossroad While Courting Wall Street

Solana faces pressure as SOL token is down nearly 20% this year and spot/staking ETFs saw $50 million in outflows over two weeks. The blockchain is attempting to shift from its memecoin-dependent business model toward mainstream financial services like stablecoins and tokenized assets to appeal to Wall Street. Solana competes with emerging rivals like Hyperliquid (which captured perpetual futures volume) and Ethereum-based layer-2 networks, while its historical strength in speed and low fees made it vulnerable to speculative trading.

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