Raydium weekly trading volume is down 87% from its $69B peak in January to $9B in August. $RAY This is not evidence of an issue with Solana, but rather of the broader challenges facing alt-L1s I highlighted earlier this year: users are not sticky. The situation is similar to 2021’s Avalanche, Polygon, and others. There are two moats in crypto: decentralization and virality. If you can ensure you are a) the most decentralized network or b) the most viral network, your users will stay. Ethereum is recognized as the most decentralized network, and thus has a strong moat from users who care about that. Solana was the most viral network, and hence saw significant trading volume. That’s no longer the case as Base has taken that crown on the back of Zora and Coinbase’s DEX integration. If Solana can capture that edge again, I expect trading volume to rise.