Galaxy Digital reported a net loss of $295 million for the first quarter of 2025. The losses were cited due to digital asset depreciation and a $57 million charge related to winding down Helios&#8217;s data center mining operations. The company…

Galaxy Digital posts $295m Q1 loss, plans Nasdaq listing on May 16

**Key takeaways:**
 * Solana&#8217;s $10.9 billion TVL surpassed the entire Ethereum layer-2 ecosystem.
 * Solana&#8217;s 30-day fee revenue ($43.4 million) rose 109% compared to the previous month.
 * SOL&#8217;s 8% funding rate shows healthy leverage demand from bulls.
Solana&#8217;s native token SOL (SOL) surged 24.8% between May 6 and May 10, 
following the broader altcoin market rally after Bitcoin broke above $100,000. 
Since then, SOL has struggled to stay above $180, but derivatives and onchain 
data still suggest further gains are in store.
_SOL/USD (blue) vs. altcoin market cap. Source: TradingView / Cointelegraph_
While Solana ranks the fifth largest cryptocurrency by market capitalization, 
Solana Network is the vice-leader in key onchain metrics including the total 
value locked (TVL).
_Blockchain ranked by TVL, USD. Source: DefiLlama_
Solana&#8217;s $10.9 billion total value locked (TVL) surpasses the entire Ethereum 
layer-2 ecosystem, which includes Base, Arbitrum, and Avalanche. Even BNB 
Chain, which integrates seamlessly with Binance and Trust Wallet, cannot match 
Solana&#8217;s numbers. Notable 30-day TVL increases for Solana include Raydium DEX, 
up 78%, Jito liquid staking solution, up 41%, and Marinade, which gained 56%.
## Rising fee revenue boosts SOL demand and momentum
Gaining traction in decentralized finance (DeFi) does not always translate 
into demand for the native token, since some networks have extremely low fees. 
For example, over a recent 30-day period, the Ethereum network generated just 
$24.9 million in base layer fees, while Tron captured $51.9 million and Solana 
totaled $43.3 million, according to DefiLlama.
_Solana network DApps revenue (left) vs. chain fees (right). Source: 
DefiLlama_
Solana&#8217;s DApps revenues and chain fees have shown consistent growth over the 
past four weeks. The latest figures are approaching their highest levels in 
three months, which is highly positive for SOL, as it drives demand. With 65% 
of the SOL supply involved in staking, this dynamic also supports upward price 
momentum.
_**Related:**__**Solana co-founder proposes meta chain to fix blockchain 
fragmentation**_
To gauge whether traders are becoming more optimistic about SOL&#8217;s price 
outlook, it is helpful to look at leverage demand. A positive funding rate 
means that long positions (buyers) are paying to keep their trades open.
_SOL perpetual futures annualized funding rate. Source: Laevitas.ch_
Currently, the SOL perpetual futures funding rate is at 8%, which falls within 
the neutral range of 5% to 10% based on the cost of capital. However, with SOL 
still trading 40% below its all-time high of $295 from Jan. 19, there is 
little reason for excessive optimism just yet. Still, the increasing activity 
on the Solana network suggests that SOL could reach $200 soon, potentially 
outperforming its competitors.
The exact catalyst that could propel SOL&#8217;s price higher remains uncertain, but 
possibilities include the potential approval of a spot Solana exchange-traded 
fund (ETF) in the US, as well as Solana&#8217;s eventual inclusion in a state-level 
digital asset strategic reserve. Additionally, some analysts are optimistic 
about traditional asset tokenization on Solana, which could unlock further 
value for SOL.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.

Solana network and DeFi activity suggest SOL price rally will continue

The Infinite Node Foundation (NODE), a nonprofit focused on conserving digital 
art, has acquired full intellectual property rights to the iconic Cryptopunks 
collection from Yuga Labs, securing long-term stewardship for the pioneering 
non-fungible tokens (NFTs). New Era for Cryptopunks as Infinite Node 
Foundation Secures Full IP Rights Founded in 2017 by Larva Labs, Cryptopunks 
revolutionized […]

Nonprofit Infinite Node Takes Stewardship of Cryptopunks’ IP From Yuga Labs

The S&amp;P 500 climbed 1% on Tuesday, recovering all of its 2025 losses as 
investors cheered a string of favorable developments in tech, trade, and 
inflation. The Nasdaq Composite surged 1.6%, while the Dow Jones Industrial 
Average dropped 0.64%, weighed…

S&P 500 erases 2025 losses as Nvidia surge leads tech rebound

Proponents of a bill to regulate stablecoins in the US Congress will likely 
take up another vote on the legislation in a matter of days without responding 
to concerns about President Donald Trump&#8217;s financial ties to the 
cryptocurrency industry.
The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS 
Act, failed to get enough votes to pass in the US Senate on May 8 amid calls 
from some Democratic lawmakers to halt any legislation related to digital 
assets until Republicans could address Trump&#8217;s potential conflicts of 
interest.
Immediately following the vote, some lawmakers from both parties suggested 
they could reconsider the bill as early as this week, but without agreeing on 
a bipartisan path forward.
After the GENIUS Act failed to proceed in a 48 to 49 vote in the Senate, 
Majority Leader John Thune made a motion to reconsider, setting up a possible 
vote on the matter within days. A source familiar with the matter told 
Cointelegraph Republicans who backed the bill were unlikely to modify it to 
block Trump or any member of his administration from investing in digital 
assets, claiming it was beyond Congress&#8217;s authority under the Constitution.
&#8220;[&#8230;] this delay is not inherently detrimental,&#8221; said Liat Shetret, vice 
president of global policy and regulation at blockchain analytics firm 
Elliptic. &#8220;We can expect the bill to return to the floor, with this pause 
giving both parties time to clarify provisions and address lawmakers&#8217; 
concerns.&#8221;
The Cedar Innovation Foundation, an organization tied to the political action 
committee (PAC) Fairshake, issued a warning to Senate leadership to &#8220;avoid 
political games&#8221; and pass a stablecoin bill &#8220;in the coming days.&#8221; Fairshake 
spent more than $131 million to support candidates in the 2024 US elections, 
some of whom are currently serving in the House and Senate. There are still 
more than 500 days until the 2026 midterms, when many members of Congress are 
up for reelection.
On May 12, the Senate resumed consideration of the motion to proceed to 
consideration of the GENIUS Act, suggesting another vote soon.
_**Related:**__**US Treasury Secretary expresses support for crypto bills at 
hearing**_
## Changes to stablecoin or market structure bills?
Should Republicans in the Senate reintroduce the bill without any changes, 
it&#8217;s unclear whether they would have enough support to clear a 60-vote 
majority to avoid a Democratic filibuster &#8212; a process to delay or sometimes 
block a vote on a bill.
The Trump family&#8217;s ties to the crypto platform World Liberty Financial and its 
stablecoin, USD1, have raised potential corruption concerns, as has offering 
the top holders of his TRUMP memecoin the chance to pay for access to the 
president through an exclusive dinner and reception.
&#8220;[&#8230;] the Republicans&#8217; bill did nothing to address Trump&#8217;s conflict, and 
instead voted to hand Trump the authority to write the rules over his and his 
competitors&#8217; stablecoins,&#8221; said Democratic Representative Maxine Waters in a 
May 6 statement. She blocked a hearing to discuss a possible digital asset 
market structure bill, citing concerns about Trump&#8217;s &#8220;ownership of crypto.&#8221;
Democratic lawmakers have already introduced possible solutions to what they 
called the &#8220;biggest corruption scandal in the history of the White House&#8221; &#8212; 
with legislation in the House and Senate to bar members of Congress, the 
president, the vice president, and their families from profiting off 
memecoins. Senators Elizabeth Warren and Chris Van Hollen also reportedly 
called on the president to fully divest from USD1 before making any possible 
deals with foreign governments.
The nonpartisan organization State Democracy Defenders Action reported in 
April that Trump&#8217;s crypto holdings were worth roughly $2.9 billion, which 
accounted for 40% of his wealth. This report came before the launch of World 
Liberty Financial&#8217;s stablecoin, which an Abu Dhabi-based investment firm said 
it would use to settle a $2 billion investment in Binance. Trump&#8217;s sons, Eric, 
Donald Trump Jr., and Barron, were all listed as &#8220;Web3 ambassadors&#8221; for the 
platform.
_**Magazine:**__**Trump &#8216;s crypto ventures raise conflict of interest, insider 
trading questions**_

What are the next steps for the US stablecoin bill?

DeFi Development Corp. (Nasdaq: DFDV) announced the acquisition of 172,670 
solana ( SOL) tokens at an average price of $136.81, totaling approximately 
$23.6 million, marking the company’s largest purchase of solana to date and 
its tenth acquisition under its digital asset treasury strategy. Following 
this transaction, DeFi Development Corp. now holds a total of 595,988 […]