Grayscale, one of crypto’s largest institutional asset managers, published a research note on Oct. 10 calling Solana (SOL) “crypto’s financial bazaar.”

This characterization goes well beyond the usual speed-and-throughput pitch. The report positions SOL as the category leader in users, transactions, and fees, arguing that its user experience, architectural moat via the Solana Virtual Machine, and application diversity create a durable foundation for valuation.

It’s a significant shift in institutional tone. Grayscale is now giving Solana the same treatment it once reserved for Ethereum as “digital oil.”

The thesis matters less for what Grayscale believes than for what it signals. When a major allocator aligned with the traditional finance ecosystem formalizes an investment case around a blockchain that was left for dead after FTX collapsed, other desks take notice.

The question is whether the numbers support the narrative, or whether “financial bazaar” is still more metaphor than measurable reality.

We stress-tested Grayscale’s claims against primary on-chain data, developer trackers, and technical benchmarks. The direction is right: Solana leads on several key metrics.

However, the institutional case carries trade-offs that the report acknowledges only in passing, and a few headline figures deserve closer scrutiny.

What Grayscale says

The report frames Solana as the standout among smart contract platforms on three core fundamentals: users, transaction volume, and fees.

Grayscale cites roughly $425 million in monthly ecosystem fees, an annualized run rate above $5 billion, and points to $1.2 trillion in year-to-date DEX volume routed through Raydium and Jupiter.

It highlights Jupiter as the largest DEX aggregator by volume in the industry, Pump.fun’s 2 million monthly active users, and Helium’s 1.5 million daily users as proof of application diversity.

On the developer side, the report n

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Author: Gino Matos