Citi builds on Solana: Will SOL become the ‘internet capital market’?

ambcryptoPublished on 2026-02-13Last updated on 2026-02-13

Abstract

Citigroup (Citi) has completed a proof-of-concept for tokenizing traditional financial instruments on the Solana blockchain in collaboration with PwC. The test simulated the full lifecycle of tokenized bills of exchange, exploring how TradFi assets can move onto blockchain in a practical way. Despite recent price volatility and an 11% weekly drop in SOL's value, the network continues to demonstrate strong fundamentals. Solana handles approximately three times more daily transactions than Ethereum and all its Layer 2 networks combined. Its Total Value Locked (TVL) stands at around $6.36 billion, with significant DEX volume of $3.72 billion and perpetual futures volume of $1.45 billion. Notably, SOL spot ETFs saw $8.89 million in weekly inflows despite the price decline, bringing total assets to roughly $674 million, indicating strong long-term investor confidence. As summarized by a researcher from Artemis, Solana leads in users, transactions, developer growth, trading volume, and fees, positioning it to potentially become the "internet capital market." Institutional experimentation and continued capital allocation suggest growing belief in Solana's long-term narrative.

Big names are building on Solana [SOL], while the network pushes out massive transaction numbers even during price dips. So what’s really going on here?

Let’s break it down.

Solana’s big moment

Banking giant Citi has just completed an internal tokenization proof-of-concept using Solana, in collaboration with PwC. The test simulated the full lifecycle of tokenized bills of exchange (from issuance and distribution to settlement) in a controlled environment.

The goal was to explore how TradFi instruments could move onto the blockchain in a real-world way.

Source: X

Meanwhile, Solana has been flexing its scale. Recent data from Token Terminal showed that the network handles about 3x more daily transactions than Ethereum [ETH]!

Source: Token Terminal

That lead is on more than Ethereum’s mainnet and all of its Layer 2 networks combined!

Where does Solana stand?

According to DeFiLlama, Solana’s total value locked (TVL) was at around $6.36 billion at the time of writing. While that’s below its late-2025 highs, activity across DEXs was strong with roughly $3.72 billion in DEX volume.

Source: DeFiLlama

Perpetual futures volume is also notable, coming in at about $1.45 billion.

Even though the market has been volatile and SOL’s price has fallen, people are still using Solana. That steady activity is important.

Greater ambitions

After a few red weeks, SOL spot ETFs recorded $8.89 million in weekly inflows, putting total assets at roughly $673.99 million. This happened even as SOL posted a 11% loss this week!

Source: SoSoValue

It’s becoming increasingly evident that investors are buying into the long-term vision.

That roadmap was summed up by Zheng Jie Lim, Research and Data Engineer, Artemis, who said,

“Solana is number one in users, transactions, developer growth, trading volume, and fees… That’s how Solana becomes the internet capital markets.”

So, institutions are experimenting while investors allocate capital. That combination doesn’t quite happen by accident!

Final Thoughts

  • Citi’s Solana tokenization test and 3x dominance have added to the long-term SOL narrative.
  • $8.89 million in SOL ETF inflows despite an 11% weekly drop means investors are looking beyond the near-future.
Next: HYPE price prediction – Identifying the next liquidity target for traders
Share
  • Share
  • Tweet

Trending Cryptos

ctr
CitreaCTR
wstusdt
wrapped stUSDTWSTUSDT
apr
aPrioriAPR
ctx
Cryptex FinanceCTX
audio
AudiusAUDIO
comp
CompoundCOMP
mantra
MantraMANTRA
waxl
AxelarWAXL
bill
Billions NetworkBILL
pyth
PYTH (Pyth)PYTH
rune
THORChainRUNE
velodrome
Velodrome FinanceVELODROME
brev
BrevisBREV
zrx
ZRX（0X）ZRX
cake
PancakeSwapCAKE

Related Questions

QWhat major financial institution recently completed a tokenization proof-of-concept on Solana, and what was the purpose?

ABanking giant Citi, in collaboration with PwC, recently completed an internal tokenization proof-of-concept on Solana. The purpose was to simulate the full lifecycle of tokenized bills of exchange (from issuance and distribution to settlement) in a controlled environment to explore how traditional finance (TradFi) instruments could move onto the blockchain in a real-world way.

QHow does Solana's daily transaction volume compare to Ethereum's, according to Token Terminal data?

AAccording to recent data from Token Terminal, the Solana network handles about 3 times more daily transactions than Ethereum. This lead is over Ethereum's mainnet and all of its Layer 2 networks combined.

QWhat was Solana's Total Value Locked (TVL) and DEX volume at the time the article was written?

AAt the time of writing, Solana's total value locked (TVL) was approximately $6.36 billion, and the activity across DEXs was strong with roughly $3.72 billion in DEX volume.

QDespite a weekly price drop, what positive signal did SOL spot ETFs show regarding investor sentiment?

ADespite SOL posting an 11% loss for the week, SOL spot ETFs recorded $8.89 million in weekly inflows, bringing total assets to roughly $673.99 million. This indicates that investors are looking beyond near-term price volatility and buying into the long-term vision.

QAccording to Zheng Jie Lim of Artemis, how is Solana positioned to become the 'internet capital markets'?

AZheng Jie Lim, Research and Data Engineer at Artemis, stated that 'Solana is number one in users, transactions, developer growth, trading volume, and fees... That's how Solana becomes the internet capital markets.'

Related Reads

Send a Message to Transfer Coins? Telegram to 'Stuff' a Crypto Wallet into 1 Billion Users This Summer

Telegram founder Pavel Durov has announced that a native, non-custodial wallet called Gram wallet will be built into every Telegram app this summer. This move aims to provide instant, fee-free cryptocurrency transfers for the platform's over 1 billion monthly active users. Durov described it as the largest deployment of a non-custodial crypto wallet in history. The new wallet, developed by Telegram itself, differs fundamentally from the existing third-party @wallet bot. It will be non-custodial from the start, meaning users will control their private keys. Following the announcement, the GRAM token (formerly Toncoin) saw a price increase of approximately 8%. This initiative is part of Telegram's renewed control over the TON blockchain and its "Make TON Great Again" roadmap, marking a return to the project after a 2018 SEC lawsuit. The launch comes as other super-apps like X Money and Meta are also expanding into digital payments, with Telegram opting for a crypto-native approach. However, key details remain unclear, including the exact launch date beyond "this summer," how the promised zero fees will be implemented technically, and how asset support and private key management will work for mainstream users.

marsbit21m ago

Send a Message to Transfer Coins? Telegram to 'Stuff' a Crypto Wallet into 1 Billion Users This Summer

marsbit21m ago

Hyperliquid’s HIP-4 proposal fuels HYPE staking as long-term conviction grows

Hyperliquid has proposed the HIP-4 upgrade to expand from perpetual futures into a broader, permissionless infrastructure layer for on-chain applications, requiring deployers to stake 500,000 HYPE to launch new markets. This shift aims to enable developers to build on its platform, a strategy backed by growing long-term investor conviction. Evidence includes a major trader staking millions in HYPE instead of taking profits, with total staked tokens reaching 43.9% of the supply, reducing available tokens and strengthening network security. Market metrics like high open interest and balanced funding rates suggest measured, non-speculative trader positioning. Sustained growth in protocol revenue, TVL, and governance participation further supports the positive outlook, contingent on continued user adoption and successful upgrade execution.

ambcrypto24m ago

Hyperliquid’s HIP-4 proposal fuels HYPE staking as long-term conviction grows

ambcrypto24m ago

7 Months After the Collapse of Huiwang, Southeast Asia's Escrow Platforms Undergo a Major Reshuffle

Following the collapse of Huione Pay—dubbed the "Alipay of Southeast Asia"—seven months ago, the region's underground financial guarantee platform sector is undergoing a significant reshuffle. This power vacuum has been swiftly filled by emerging platforms such as XinBi, Tiger/Navigator, JinBei (renamed JinBo), Dali/Tiancheng, and FullyLight. These platforms, operating largely via Telegram and offering services like escrow for illicit transactions, have absorbed the vast user base and markets left behind by Huione. While positioning themselves as "trust intermediaries," their primary clientele consists of networks involved in online scams, money laundering, illegal gambling, and even human trafficking. For instance, the Tiger/Navigator platform explicitly provides "escrow" services for kidnapping-for-ransom operations ("强押车交易"). Data underscores the immense scale: Huione alone processed over $103 billion in cryptocurrency payments and facilitated over $31 billion through its escrow market before its downfall, linking it to Cambodia's notorious Prince Group. Since its collapse, competitors have seen explosive growth. For example, the XinBi platform has accumulated over $1.6 billion in total USDT revenue, while platforms like NewPay, OkPay (under Dali), and FullyLight Wallet collectively processed over $4.8 billion in USDT in a single year. This ecosystem thrives in regions like Cambodia and Myanmar, where regulatory gaps allow these platforms to act as critical financial infrastructure for sprawling cybercrime industries, from scam compounds to online casinos. The article concludes that the moniker "Southeast Asian Alipay" is a misnomer, obscuring the platforms' fundamental role in enabling serious criminal enterprises rather than representing legitimate financial innovation.

Odaily星球日报37m ago

7 Months After the Collapse of Huiwang, Southeast Asia's Escrow Platforms Undergo a Major Reshuffle

Odaily星球日报37m ago

The Changing Landscape: What Are Crypto VCs Experiencing?

Title: The Shifting Landscape of Crypto Venture Capital The era of dedicated crypto venture capital funds is undergoing a significant transformation. Once essential for navigating the sector's complexity and high risk, these specialized funds are now facing an identity crisis as the market matures. This shift mirrors historical patterns in other specialized investment classes like cleantech and SPACs, where initial information advantages dissipate as technologies become mainstream and integrated into existing industry frameworks. The article argues that crypto is reaching a critical inflection point, transitioning from a "building phase" to an "integration phase." Major players like Stripe, BlackRock, and Visa now engage with crypto not for its novel mechanics but as a foundational financial infrastructure. Their needs—regulatory compliance, banking partnerships, distribution channels—align with traditional fintech, a domain easily understood by large, generalist funds like Sequoia and Founders Fund. This evolution creates a "barbell effect" within the VC landscape. On one end are massive, diversified platforms that can incorporate crypto as one vertical among many. On the other are small, nimble funds focused on niche, experimental projects. The middle ground—medium-sized dedicated crypto funds—is being squeezed out. Their typical fund size makes it impossible to generate sufficient returns solely from early-stage crypto bets, yet they cannot compete with giants for later-stage deals. Consequently, leading crypto-native firms like Paradigm and Framework Ventures are expanding into AI, robotics, and other sectors, driven partly by LP pressure for better returns amid a broader VC DPI crisis. Others, like Dragonfly and a16z, have narrowed their crypto focus predominantly to financial infrastructure like stablecoins, reframing the sector's core narrative. For crypto entrepreneurs, this consolidation presents challenges. While generalist funds offer larger checks and broader resources, crypto projects now compete fiercely with AI for attention and capital within these firms. Furthermore, the long-term, non-commercial foundational work that built the ecosystem—funded by dedicated crypto VCs—is less likely to attract generalist capital focused on direct returns. The conclusion is that "crypto investor" as a standalone category is becoming obsolete, akin to "internet investor." Crypto is becoming a baseline infrastructure layer. The future will see a barbell structure: large-scale growth financing handled by generalist funds, while pioneering, speculative projects are funded by small, specialized vehicles. The dedicated crypto funds of the 2017-2021 boom, which incubated core infrastructure, are giving way to this new, bifurcated reality.

Foresight News55m ago

The Changing Landscape: What Are Crypto VCs Experiencing?

Foresight News55m ago

As Consensus Accelerates, What Are Young Investors Betting On?

Title: As Consensus Forms Faster, What Are Young Investors Betting On? In the rapid evolution of tech investment, a new generation of young investors is navigating a landscape where AI, robotics, commercial aerospace, and quantum computing are advancing simultaneously. Traditional investment logic based on financial models is giving way to a need for deep technical understanding and the ability to act before industry consensus forms. An analysis of trends from the "WAIC FUTURE TECH" list of young investment leaders reveals key shifts in focus. The first major trend is the movement of AI from the digital screen into the physical world. Investment is shifting from large language models and chatbots towards embodied AI, robotics, AI hardware, and edge computing. While demonstrations generate excitement, the real challenge lies in achieving scalable, reliable, and cost-effective delivery in complex real-world environments like factories and logistics. Success depends not just on algorithms but on the integration of sensors, actuators, and control systems. Second, the competitive focus for large models is moving beyond raw capability toward building an "intelligence flywheel." The goal is to create self-reinforcing systems where user interaction generates data, improving the model, which in turn enhances the user experience and attracts more engagement. Companies that successfully embed AI into workflows to create these closed-loop systems can build lasting value that isn't easily erased by the next model upgrade. Third, facing a potential bottleneck in high-quality human-generated data, investors are looking at new underlying technologies. Reinforcement learning and self-play, as demonstrated by AlphaGo Zero, offer paths for AI to generate its own experience. Scientific foundation models, which aim to build general AI capabilities for fields like life sciences and materials discovery, represent a non-consensus direction that could unlock new frontiers of knowledge and data. Finally, in deep-tech areas like quantum computing, commercial aerospace, and space-based infrastructure, patient capital is essential. These fields have long, uncertain development and validation cycles involving complex engineering, supply chains, and regulations. Investment here requires a long-term view, focusing on foundational team capabilities and the eventual emergence of market demand, even if commercial returns are distant. Collectively, these trends illustrate how young investors are adapting to a new era. They are learning to make earlier, technically-informed judgments, balance hype with real-world viability, and provide the patient capital needed to build the deep-tech foundations of the future.

marsbit1h ago

As Consensus Accelerates, What Are Young Investors Betting On?

marsbit1h ago

Trading

Spot

Hot Articles

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of SOL (SOL) are presented below.

活动图片

Top Questions