Solana Breakpoint 2025 Highlights: What Key Developments Are Worth Noting?

Author: BlockBeats

Solana Breakpoint 2025 was held in Abu Dhabi, UAE, from December 11 to 13, bringing together more than 6,000 developers and project teams from over 100 countries to focus on the latest developments and future prospects of the Solana ecosystem.

Industry leaders including Raoul Pal, co-founder and CEO of Real Vision; Anatoly Yakovenko, co-founder of Solana; Lily Liu, chair of the Solana Foundation; and Mike Novogratz, founder and CEO of Galaxy, attended and delivered speeches. BlockBeats will provide live updates and coverage of the conference. Here is the latest information:

December 12

Figure has filed an application with the U.S. SEC to conduct a native stock offering on Solana.

On December 12, Mike Cagney, Executive Chairman of the Figure Board of Directors, said at the Solana Breakpoint conference, "About a week and a half ago, we announced another development - which is equivalent to a second IPO. We are natively issuing a new version of Figure equity on the public blockchain."

This offering will not be listed on the DTCC, nor will it be traded on Nasdaq or the NYSE. It will not rely on a referral broker like Robinhood, nor will it depend on prime brokerage services from institutions like Goldman Sachs. This is a blockchain-native security traded on Figure's own Alternative Trading System (ATS), essentially a decentralized trading platform: self-custodied, self-traded, and self-marketing.

Investors will be able to link these securities to an ATS wallet, rather than a traditional referring broker account; they can then use this equity for collateralized lending, borrowing, and other transactions within DeFi.

Kamino, a co-founder of [Company Name], is about to launch fixed-rate and term lending products to achieve true interest rate price discovery.

On December 12, Marius, co-founder of the Solana ecosystem liquidity protocol Kamino, stated at the Solana Breakpoint conference, "We are about to launch fixed-rate, fixed-term lending products. Users will be able to choose the interest rate and term and transact at that rate."

This mechanism allows institutions that need to determine financing costs to enter the market, while also enabling asset circulation strategies to obtain a stable, lock-in spread.

We are working with FalX (one of the largest brokers in our market), and one of the key sub-components is lending intent—which allows borrowers and lenders to place orders at their desired interest rates, enabling true interest rate price discovery on-chain and forming an on-chain yield curve.

Drift co-founder: Mobile app to launch in Q1 2026

On December 12, Cindy, co-founder of Drift, a DeFi protocol in the Solana ecosystem, said at the Solana Breakpoint conference, "We will launch a mobile app in the first quarter of next year."

This will be the first native app to integrate multiple collateral accounts on mobile devices, and will also include: a launch app store, a native mobile experience, and upcoming native liquidity provisioning tools to deliver deeper liquidity and faster transaction efficiency.

Ranger, a DEX aggregation platform for Perp, will launch a public token sale, aiming to raise $6 million.

On December 12th, FA2, the developer of Ranger Finance, a perpetual contract aggregation platform within the Solana ecosystem, stated at the Solana Breakpoint conference, "We are ready to issue Ranger tokens. The most suitable platform for Ranger is MetaDAO, with a minimum fundraising target of $6 million, which will be the platform's highest fundraising target to date."

Metaplex has announced the official release of the first public version of the Genesis SDK, allowing anyone to build an issuance platform or access token data.

On December 12th, Stephen, Chief Design Officer of Metaplex, the digital economy platform within the Solana ecosystem, stated at the Solana Breakpoint conference, "The first public release of the Genesis SDK is now officially online. The Genesis SDK will empower various applications—such as trading platforms looking to create their own launchpads, and aggregators that want to monitor and send alerts to traders."

When a new token is listed on the blockchain, any application can integrate and immediately use the fair issuance model of smart contracts.

Bulk co-founder: Solana is currently the most suitable ecosystem to build.

On December 12th, Jun, co-founder of Solana's ecosystem DEX Bulk, stated at the Solana Breakpoint conference, "As market makers, when trading across different platforms, spot and perpetual markets, we quickly realized that Solana is currently the most suitable ecosystem to build upon—not only does it have the best team, but it also boasts the highest net asset inflow, the most diverse community, and a rich product portfolio. However, it has always lacked a truly professional trading experience, and the issues ultimately boil down to a few key points: latency, a robust risk engine, and user experience. We came to Solana to solve this problem."

Backpack founder: Solana is currently the only network capable of achieving large-scale decentralized execution.

On December 12th, Backpack founder Armani Ferrante stated at the Solana Breakpoint conference, "Solana is currently the only network capable of achieving large-scale decentralized execution. Over the past few years, developers have explored a vast amount of design space to address scalability issues. Back in 2017 and 2018, there were probably hundreds of projects that received hundreds of millions, even billions, of dollars in funding. But to my knowledge, Solana seems to be the only project that can truly achieve this at scale."

HumidiFi developer Solana is completely reshaping retail finance; HumidiFi's spreads "outperform" Binance.

On December 12, Ben, a core team member of the dark pool DEX HumidiFi, stated at the Solana Breakpoint conference, "On the road to transforming the world, Solana is already able to clear tens of thousands of transactions per second at near-zero cost. Anyone in the world can access it—through a new seat licensing and membership tier system—to enter a completely open, permissionless, Wall Street-quality, programmable, and globally accessible marketplace."

We recently built a decentralized trading platform called "HumidiFi," which offers even tighter spreads than Binance, with an average spread of only a few basis points. But what I really want everyone to realize is that this system is completely reshaping retail finance. Retail investors can now get better spreads than any traditional brokerage platform, averaging down to just a few basis points.

Currently, this system accounts for 60% of all on-chain transactions—and we're just getting started.

Solana Co-founder: Most startups that recently achieved revenue exceeding 100 million RMB are built on Solana, accelerating ecosystem expansion.

On December 12, at the Solana Breakpoint conference, Solana co-founder Raj Gokal stated, "Of the 20 companies that recently reached $100 million in revenue, the majority are from the crypto industry, and most of these companies are built on Solana. This has always been our original goal."

I believe that to achieve this, we need the "entropy" generated by thousands of entrepreneurs—those who continuously explore various possible value propositions utilizing blockchain space. And I think Solana already possesses this ecological momentum. Hackathons like "Colosseum" are growing in scale, with over 1700 teams participating each time.

When we talk about scaling in the past, a common metric is: what percentage of global financial transactions can be on-chain? I believe Solana has the opportunity to accelerate its market share in the crypto space over the next 10 years. And the reality is, the crypto industry is growing much faster than we anticipated in 2017.

At the time, we couldn't have imagined that the US would have such a clear regulatory environment today, nor could we have imagined that it would receive support from major countries—they've started issuing assets on-chain, and major banks have joined in one after another. Therefore, I believe Solana should raise its original on-chain target to 25%, and Solana can at least capture 10% of that market share.

Solana co-founder Toly: No more official GitHub commit permissions; the network is moving towards true decentralization.

On December 12, at the Solana Breakpoint conference, Solana co-founder Anatoly Yakovenko stated, "My favorite point is that decentralization is not about the absence of leaders, but rather the rich emergence of leaders. Over the past five years, so many people have stepped forward—from foundations and labs, to community members who weren't even part of these initial organizations, and to builders of applications and protocols—and they have truly taken on leadership roles across the entire network."

Now, I don't even have GitHub commit permissions anymore, and it only took me two minutes to speak on stage. My goal was to be in the audience—I felt that meant seeing the entire network truly mature and have its own life. I'm incredibly proud of that.

Anza VP: We are reducing Solana block state costs, and account creation fees will be reduced by 10 times.

On December 12, Brennan Watt, VP of Core Engineering at Anza, the company behind Solana research and development, stated at the Solana Breakpoint conference that proposal SIMD-0389 could reduce Solana account creation costs by 10 times, potentially scalable to a 100-fold reduction.

Note: In the Solana network, Account Rent refers to a "storage fee" mechanism that requires an account to permanently store data on the blockchain.

According to Anza's analysis of the security slowdown mechanism, this change was discussed at the recent SolanaConf and could unlock wider adoption by recovering hundreds of millions of dormant SOLs while maintaining cybersecurity.

Solana's ecosystem-based liquidity staking reward protocol, Toby, will launch its own token.

On December 12, Toby, the liquidity staking reward protocol based on MEV in the Solana ecosystem, announced at the Breakpoint conference that it will launch the TOBY token, which aims to bring basic returns to Solana through OpenMEV.

It is understood that OpenMEV plans to serve the $10 billion real revenue needs of the ecosystem and will be integrated into several mainstream protocols such as Jupiter, Sanctum, Kamino, and Drift.

Jupiter's stablecoin JupUSD is expected to launch next week.

On December 12, Jupiter announced at the Solana Breakpoint conference that its stablecoin JupUSD is expected to launch next week.

As previously reported by BlockBeats, on October 8th, Ethena partnered with Jupiter to launch the native Solana stablecoin JupUSD. The token is scheduled to launch in the fourth quarter. Jupiter plans to "gradually" convert approximately $750 million of USDC from its liquidity provider pools into JupUSD.

The Solana Breakpoint 2026 Summit will be held in London, UK.

On December 12, according to official news, the Solana Breakpoint 2026 Summit will be held for the first time at the Olympia Convention Centre in London, UK, from November 15 to 17, 2026.

Raoul Pal, December 11: The current bull market cycle should peak in 2026; cryptocurrency is actually a macro asset.

On December 11, Raoul Pal, former Goldman Sachs executive, author of "Global Macro Investor," and co-founder and CEO of Real Vision, stated at the Solana Breakpoint conference:

"A declining labor force participation rate means a shrinking labor force. And demographics are key drivers of debt. Population growth will continue to decline, which means the debt-to-GDP ratio will continue to rise, and that's the problem."

We are facing a global debt crisis, and currency devaluation has been a way to address (or rather, delay) this problem. We are beginning to see signs that the Federal Reserve is having to rethink its balance sheet and start thinking about how to 'monetize' all this debt. It is projected that we will need to print approximately $8 trillion in money through liquidity injections over the next 12 months.

I know many people may think the crypto cycle is over and that "the good days are over." But in fact, what drives all of this is cyclicality, not the Bitcoin halving cycle, but the debt maturity cycle.

Therefore, I believe we are now in a 5-year cycle, not a 4-year cycle. In a 5-year cycle, we have now passed the trough, and the next step is the upward phase. The cycle should peak at the end of 2026, not 2025. This is a breakthrough for us as global macro investors: understanding that cryptocurrency is actually a macro asset.

Furthermore, the altcoin/Bitcoin cross rate is driven by the business cycle, and the business cycle appears to be bottoming out, not peaking.

Solana co-founder: Stablecoins are the clear direction now, and Solana will strive to capture the largest possible market share in the competition.

On December 11, at the Solana Breakpoint conference, Solana co-founder Anatoly Yakovenko stated that the core of achieving growth lies in continuously building products that people need. He emphasized that stablecoins are the current clear direction, and it is expected that between $1 trillion and $10 trillion worth of stablecoins will be on-chain in the future, driving the gradual tokenization and on-chaining of approximately $500 trillion in global assets.

Toly argues that the strong property rights protection brought by public blockchains and cryptography does not conflict with free-market capitalism and the logic of Wall Street. Instead, they complement each other by eliminating faults and risks through software, thereby expanding the financial scale of Wall Street at a faster pace. He emphasizes that stablecoins are expanding rather than replacing the US dollar, and that L1, especially PoS networks, have a clear value capture mechanism. Solana aims to capture the largest possible share in this competition.

Lily Liu: The Solana spot ETF has seen nearly $1 billion in net inflows against the market trend over the past 6 weeks. DAT will act as a bridge connecting Solana and the public market.

On December 11, Lily Liu, Chair of the Solana Foundation, stated at the Solana Breakpoint 2025 conference:

Solana was the first blockchain platform to establish a policy research institute. Today, developing a digital asset strategy is essential for every institution. As these institutions enter the blockchain space, they are increasingly choosing Solana. Western Union, which processes over $60 billion in remittances annually, has chosen Solana. Pfizer, which processes $2 trillion in merchant payments annually, has also chosen Solana. Other institutions are following suit.

Of course, ETFs are a major theme this year. We've finally seen the arrival of physically backed Solana-collateralized ETFs—they launched in large numbers on the Solana ecosystem about six weeks ago, and within just six weeks, their assets under management have approached $1 billion. Despite the overall market underperformance, we've seen net inflows for three consecutive weeks. There are already six physically backed Solana-collateralized ETFs listed in the US market alone.

Another important, albeit somewhat controversial, theme this year is DAT (Crypto Treasury Companies). Many view DAT as a short-term liquidity tool, but we hold the opposite view. Solana is one of the few platforms that allows businesses to build both at the infrastructure and asset layers. We believe DAT companies will be long-term ecosystem companies, acting as bridges connecting Solana to public markets, building infrastructure, asset management systems, and integrating all these functionalities.

Coinbase executive: DEX trading functionality based on Solana is now available on the app.

On December 11, Andrew Allen, the product manager of Coinbase Solana, stated at the Solana Breakpoint conference that Coinbase has launched DEX trading functionality based on Solana within its app. Users can directly trade any Solana on-chain token in a familiar interface and complete payments using USDC, US dollar cash, bank accounts, or debit cards. The entire slippage and routing process is handled automatically in the background.

Andrew stated that Coinbase is fully expanding its native support for Solana, and in the future, users will be able to see Solana assets directly in the app, ensuring that millions of Coinbase users can reach them without the need for token listing processes, provided there is sufficient liquidity.

Bitwise co-founder: Solana ecosystem applications truly utilize the last 1% of network performance.

On December 11, Bitwise co-founder and CIO stated at the Solana Breakpoint conference that, compared to networks like Ethereum, applications on Solana truly utilize the last 1% of performance, providing users with the next marginal liquidity and scalability.

On many blockchains, running a node is simply a matter of "downloading the software and double-clicking to start it." After that, there is almost no difference in what applications can be created for the network or for users, regardless of who stakes more or less. However, in Solana, the application landscape changes every day, and the protocol layer, performance, and capacity are all iterating rapidly. The performance of a node directly determines its ceiling.

That's why we're particularly concerned that as this product (referring to pledged ETFs/trusts) locks in more and more SOL and its weight increases, the ecosystem, developers, users, and even the entire community must feel that its expansion will not "crush" the market structure or ecosystem, but rather make the network more stable, more reliable, and more able to withstand the next round of innovation.

Paxos CEO: We have applied to the US SEC for a clearinghouse license to natively issue on-chain stocks and bonds.

On December 11, Paxos co-founder and CEO Chad Cascarilla stated at the Solana Breakpoint conference that Paxos has applied to the US SEC to become a clearing agency. This will enable Paxos to directly custody and natively issue on-chain stocks and bonds, allowing users to hold real underlying assets rather than derivatives. He emphasized that this will lay a crucial foundation for the large-scale on-chain deployment of traditional financial assets.

Cascarilla stated that Paxos aims to bring traditional assets into the on-chain environment and continue to expand in the stablecoin and asset tokenization fields, including the growth of USDG and gold tokenization products. He believes that public blockchains will become a globally unified asset trading arena, significantly improving market accessibility and liquidity.

Galaxy DeFi Head: Solana is the only blockchain capable of supporting tokenized securities.

On December 11, Marcantonio, head of Galaxy DeFi, stated at the Solana Breakpoint conference: "Galaxy Digital is listed on Nasdaq and is a publicly traded stock. But we chose to tokenize our stock on Solana because, in our view, Solana is the only blockchain with the necessary speed and efficiency to support tokenized securities."

We want Solana to become so dominant that when you compare the prices of the same stock on Solana with those on Nasdaq, you'll choose to buy on Solana. That's our ultimate goal.

Anza Chief Economist Max Resnick: SOL trading volume on the Solana network is already three times that of Binance, indicating extremely fierce competition.

On December 11, Max Resnick, chief economist at Anza, the research and development company behind Solana, stated at the Solana Breakpoint conference, "We reached 100,000 TPS in May. Not on the testnet, not in the white paper, but on launch. The market structure is also evolving in real time: proprietary market makers are squeezing spreads tighter, and SOL-USD trading volume is now three times that of Binance. Competition is extremely fierce, and the order book is getting tighter and deeper every day."

Circle CEO: Circle Gateway will be launched on Solana

On December 11, Circle co-founder and CEO Jeremy Allaire announced at the Solana Breakpoint conference that Circle will soon launch Circle Gateway on Solana, enabling cross-chain instant access to unified USDC balances.

Sunrise CEO: Successfully launched on Monnet, trading volume surpassed Hyperliquid and numerous CEXs in the first 24 hours.

On December 11th, Saeed, CEO of Sunrise, a liquidity gateway in the Solana ecosystem, stated at the Solana Breakpoint conference that Sunrise's first asset listing on Solana was the MON token. "We introduced a non-native token, not originally issued on Solana, directly into the Solana ecosystem on its first day and within the first minute of listing. It not only competes with all other on-chain exchanges but also faces a host of CEX competitors."

As a result, within 24 hours of its listing, its trading volume surpassed that of well-known platforms such as Hyperliquid, KuCoin, Kraken, Coinbase, Bybit, Bitget, and Gate—some of which have over a million users. Even more impressively, it offered tighter spreads and higher trading volumes than these established CEXs, all supported solely by Solana's native ecosystem of users.

Furthermore, Saeed argues that if assets can be issued on Solana and are competitive with their centralized counterparties, then it's not just a matter of listing crypto tokens; it could also be stocks, commodities, or any financial product.

Helius CEO: Recommends investors buy BSOL, as it helps developers build faster applications.

On December 11, Helius CEO Mert stated at the Solana Breakpoint conference that investors can purchase Bitwise's stock token BSOL (i.e., Bitwise's SOL spot ETF), which is issued and managed by them. However, because you buy it, we use the proceeds to make the network run faster—so your transaction directly helps developers build applications faster.

Circle CEO: Solana's appeal is growing, and more and more platforms are adopting USDC on Solana as their primary infrastructure.

On December 11th, Circle CEO Jeremy Allaire stated at the Solana Breakpoint conference that Solana's transaction volume far exceeds that of any other blockchain. Solana's infrastructure is maturing, and its appeal is growing daily. An increasing number of large consumer- and merchant-facing platforms are using USDC on Solana as their preferred infrastructure.

DoubleZero co-founders: 15 core contributors are already supplying fiber optic cables to Solana to build a high-performance alternative internet.

On December 11, Austin Federa, co-founder of DoubleZero, stated at the Solana Breakpoint conference that DoubleZero has numerous independent contributors—now 15—who are contributing fiber capacity to the DoubleZero network. These are actual physical fiber optic cables that are being connected to create a completely independent transmission path for Solana.

This "crowdsourced fiber" approach is unprecedented: all existing high-performance blockchains are operated by a single company that holds a central private key; Double Zero does not have such a "single point," but rather 15 contributors each lay and control their own fiber optic lines.

Yat Siu: Animoca Brands has a portfolio of over 628 companies, approximately 200 of which are gaming projects.

On December 11th, Yat Siu, co-founder and director of Animoca Brands, stated at the Solana Breakpoint conference that Animoca Brands has invested in over 628 portfolio companies, approximately 200 of which are gaming projects. He believes Bitcoin is similar to digital gold, while altcoins are similar to the stock market, serving as growth engines for the crypto space. Given the real-world use cases for altcoins, their total market capitalization will eventually significantly surpass that of Bitcoin.

OSL Group will issue the stablecoin USDGO on Solana.

On December 11th, Zhang Yinghua, Chief Business Officer of OSL Group, announced at the Solana Breakpoint 2025 Summit that OSL Group will launch the USD stablecoin USDGO with the Solana Network. OSL Group will serve as the brand and distributor of USDGO, while Anchorage Digital Bank will be the issuer.

USDGO is reportedly pegged 1:1 to the US dollar and subject to US federal regulation, with a planned official launch in the first quarter of 2026. Solana will be the first public blockchain to deploy USDGO, with plans to expand to more blockchains in the future. It is not simply "just another stablecoin," but a truly compliant stablecoin payment infrastructure for businesses and institutions.

Bhutan has announced that it will issue TER, the world's first sovereign-backed gold token, on Solana.

On December 11, Bhutanese government officials announced another milestone collaboration with Solana at the Solana Breakpoint 2025 summit, marking a key step for Bhutan towards becoming a "crypto-friendly nation":

December 17, 2025 – Bhutan's National Day – The world's first sovereign-backed gold token will be launched on the Solana blockchain. The token is named "TER," which means "jewel" in Bhutanese.

It is reported that TER will enter the on-chain world for the first time with the SPL token, which is pegged 1:1 to Bhutanese national treasury gold, is auditable in real time, and has a settlement time of seconds.

Solayer mainnet Alpha version officially launched, supporting real-time financial applications.

On December 11th, Solayer officially released the Alpha version of its InfiniSVM mainnet. InfiniSVM is a hardware-accelerated blockchain that achieves a sustained throughput of 300,000 transactions per second and sub-second final confirmation speeds. This network enables developers to deploy existing Solana applications while gaining superior performance, thereby unlocking application scenarios in areas such as high-frequency trading, real assets, and institutional finance.

Users can connect to SOL via sBridge and immediately interact with deployed applications. Developers can access documentation and deployment tools to begin building applications on InfiniSVM.

This launch, coinciding with Solana Breakpoint in Abu Dhabi, signifies Solayer's integration into the Solana ecosystem and its commitment to supporting it, while continuously expanding its capabilities across demanding application categories.

Galaxy founder Solana is still seen as a blockchain network "born for the capital markets".

On December 11, Galaxy founder and CEO Mike Novogratz stated at the Solana Breakpoint conference:

"As regulations become clearer, the industry has entered a phase where 'products that users will actually use must be built.' The value of crypto assets is driven by both community and actual growth, and the narrative must be supported by real use and innovation. Solana, with its high-speed performance, is considered a chain 'born for the capital market,' and Galaxy's collaboration with Jump is also based on its capabilities in high-frequency infrastructure."

The crypto market has been volatile this year, but I remain optimistic. Just this year, one of Galaxy's clients completed a $9 billion Bitcoin sell-off, with early investors cashing in profits to diversify their portfolios. Meanwhile, a steady stream of new entrants continues to buy Bitcoin. My participation in conferences in Abu Dhabi over the past few days has further reinforced my optimism. The Abu Dhabi Financial Week brings together top investors from around the world, including many financial giants. Interacting with these industry leaders has further convinced me that the global wave of embracing blockchain and digital assets is accelerating, not slowing down.

Kyle Samani explains Solana ACE: It will allow developers to specify custom sorting rules.

On December 11, Kyle Samani, co-founder of Multicoin and chairman of the board of Forward Industries (FORD), said at the Solana Breakpoint conference: ACE (Application-Controlled Execution) will allow developers to specify custom sorting rules while still running on a single global system with a global liquidity pool.

As part of Solana's "Internet Capital Markets" roadmap in July 2025, ACE grants smart contracts millisecond-level control over transaction ordering, combining traditional financial microstructures with blockchain scalability to reduce fragmentation in DeFi.

Jito co-founder: Solana is winning the speed war; the network block computation limit will jump to 100 million computing units early next year.

On December 11, Jito co-founder and CEO Buffalu stated at the Solana Breakpoint conference that Solana is winning the speed war, and this is already very clear. "Over the past few years, we have witnessed a 6x increase in transactions per second, thanks to the combined efforts of all Solana ecosystem engineers and all the excellent application developers."

The chart on the right shows the continuous growth of block space over the past few years. At the beginning of this year, Solana's block computation limit was approximately 48 million compute units, subsequently increasing to 50 million and then 60 million. It is projected to jump to 100 million compute units early next year and continue its exponential growth.