Solana’s Changing Market Microstructure

Gm! In this episode we cover Solana’s recent onchain performance, revenue trends, and upcoming network upgrades. We also discuss ecosystem token dispersion, client competition between Jito BAM and Harmonic, market structure challenges for perps, Prop AMM profitability metrics, and MetaDAO’s shift toward uncapped ICO raises and permissionless scaling. Enjoy! -- Follow Lightspeed: ⁠https://twitter.com/Lightspeedpodhq⁠ Follow Carlos: https://x.com/0xcarlosg Follow Danny: https://x.com/defi_kay_ Join the Lightspeed Telegram: ⁠https://t.me/+QHlbNTNS4gc1ZTVh -- Join us at DAS (Digital Asset Summit) in New York City this March!  Use the link below to learn more, and use code LIGHTSPEED200  to get $200 off your ticket! See you there! Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-nyc-2026 -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Timestamps: (0:00) Introduction (4:13) Solana Metrics, Upgrades, and Ecosystem Shifts (27:33) Prop AMMs: Volume vs. Profitability (36:15) ICO Design & Launchpad Models (56:33) Closing Comments -- Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Danny, and our guests may hold positions in the companies, funds, or projects discussed.