Lightspeed Solana’s Changing Market Microstructure
Feb 13, 2026
Carlos, a Solana-focused researcher known for data-driven on-chain notes, explores Solana’s recent on-chain performance and upcoming network upgrades. He breaks down client competition between Jito BAM and Harmonic, market structure impacts on perps and block-building, Prop AMM profitability versus volume, and MetaDAO’s move toward uncapped ICOs and permissionless scaling.
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Solana's On‑Chain Resilience
- Solana showed renewed on-chain strength in January with rising revenue despite price weakness.
- Upcoming upgrades (block limits to 100M CUs, Alpenglow) should raise sustained TPS and capacity.
Token Dispersion And Concentration Risk
- Ecosystem token returns are diverging with winner concentration and customer concentration risk.
- Metaplex fell after Pomp added a token-create instruction that removed Metaplex's main revenue source.
Block Building Is A Market‑Structure Lever
- Block builders (Jito BAM vs Harmonic/Temporal) are reshaping Solana's market microstructure.
- These systems aim to reduce adverse selection and bring Solana closer to application-specific execution environments.