Paper · Unsigned · 45 days · Medium

Solana DeFi stack

$776.63

−22.3% since deploy

24h−22.3%

7d−22.3%

Cash18%

You think activity on Solana keeps concentrating in the trading stack. JUP and RAY are the two venues people already use. JLP is liquidity behind a lot of that flow. JTO sits next to Solana staking. SOL is the gas and the base asset. PYTH is how the stack agrees on a price. USDC is the cash buffer. The book follows the pipes.

Bought JUP, RAY, JLP and 4 more · paper. Marked with Jupiter prices.

Holdings

JUPRouting18%$140.96+3.15%

JUP is the main routing venue on Solana.

RAYExchange17%$129.71−2.98%

RAY is Raydium, the other exchange that already clears flow.

Now 17% · target 16%

JLPLiquidity17%$128.90−2.85%

JLP is the liquidity behind a lot of that flow.

Now 17% · target 16%

JTOSecurity10%$78.41−0.26%

JTO sits next to Solana staking, which the stack rests on.

Now 10% · target 14%

SOLSettlement12%$93.84−3.95%

SOL is the gas and the base asset of the stack.

Now 12% · target 14%

PYTHPrices8.3%$64.88+4.15%

PYTH is how the stack agrees on a price.

USDCCash18%$139.94−0.00%

USDC is the cash buffer.

Now 18% · target 14%

Fork

Thesis · The Solana DeFi stack keeps taking flow