The Spot Solana Exchange Traded Fund (ETF) has continued to garner investor interest since its launch in the United States on October 28th. According to the data, the Spot Solana ETF has recorded cumulative net inflows of $750.1 million as of Dec. 22, with outflows recorded just three business days after inception.
All of these outflows were relatively small, each amounting to less than $33 million, despite the volatile and volatile price movements in the final quarter of the year.
Growth of the solana ecosystem
CoinShares explained that the consistent inflows mean investors are using regulated investment vehicles to gain exposure to Solana rather than rotating capital immediately after launch, a pattern that has affected some crypto-related products in the past. Market participants see this trend as a sign that Solana is increasingly viewed as a long-term allocation rather than a short-term transaction, as Solana’s ecosystem activities and infrastructure continue to expand, despite previous concerns about decentralization.
In parallel with ETF-related developments, Solana’s validator infrastructure is also rapidly introducing new performance-focused technologies. As of November 10, 2025, approximately 24.2% of Solana validators are running Frankendancer, a hybrid validator client that combines elements of the existing Agave client with components from Jump Crypto’s Firedancer project. This is a significant increase from just six validators using the software as of January 2025.
According to data cited by CoinShares, validators running Frankendancer earn higher average fees and tips than validators running Agave alone. This basically reflects improvements in performance and transaction processing efficiency.
Additionally, Solana validators are increasingly employing DoubleZero, a dedicated private mesh network designed to improve communication between validators by bypassing parts of the public internet. As of November, 290 validators have connected through DoubleZero, representing approximately 36% of the total SOL staked. This level of adoption highlights the growing demand for lower latency and more reliable transaction propagation across networks.
Solana stablecoin
The infrastructure upgrades come as activity at Solana continues to increase. The use of stablecoins on blockchain has also expanded rapidly over the past two years. In fact, according to on-chain data, the total amount of stablecoins circulating on the network has grown from about $1.8 billion at the beginning of 2024 to about $12 billion by November 2025.
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USDC holds the largest share, followed by USDT. Meanwhile, new entrants such as PayPal’s PYUSD and Paxos-issued USDG are also gaining momentum. The rapid increase in stablecoin supply indicates Solana’s growing role in payment, trading, and settlement activities, and its appeal to businesses seeking faster and lower-cost blockchain infrastructure.
