Lightspeed Solana Was Too Late to Perps
Apr 30, 2026
They dig into Solana’s Q1 rebound and the surge in tokenized real-world assets. Conversation turns to changing spot volumes, PropAMMs, and declining meme-coin activity. Listeners hear debates over PumpFun’s buyback changes and Pumpcade’s token-to-equity experiment. A long discussion centers on whether perpetuals can compete on Solana given liquidity, market-structure, and user-acquisition challenges.
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Solana Led Q1 RWA Momentum
- Solana's standout Q1 theme was a surge in tokenized real-world assets led by equities, driving all-time high RWA volume and lending deposits.
- Camino and Prime-powered tokenized equities (x-stocks and pre-stocks) pushed Solana to be the largest chain by RWA deposits in Q1.
Spot Trading Mix Shifted Away From Meme Coins
- Spot volume composition shifted: USD pairs dominated, stable-stable swaps were second, and meme coins fell to third for the first time in years.
- PropAMMs and routers helped USD liquidity concentrate, improving pricing on major SOL/USDC pairs.
Publish A Clear Token Transparency Framework
- Increase transparency around token economics and buyback rules to reduce valuation discounts and build investor trust.
- POMP's move to programmatic 50% buybacks helps, but Carlos recommends a token transparency framework to clarify token-equity rights.