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SOL 
UNI ARK Invest: Solana faces fierce competition in multiple key markets
ARK Invest pointed out that Solana is facing stronger competition in spot trading, derivatives, tokenized assets, forecasting markets and Meme coins.
Lorenzo Valente said Hyperliquid dominates the derivatives market, while Robinhood and Uniswap have made progress in key trading markets.
Despite intensified competition, ARK Invest believes Solana remains focused on infrastructure improvements and developing new growth opportunities.
Trading markets face fiercer competition
According to Ark Invest researcher Lorenzo Valente, Solana once featured fast trading and rapid price discovery. However, he said that advantage is now under pressure in multiple trading areas. Robinhood gained market share in the spot market, while Uniswap also regained lost ground.
At the same time, Valente pointed out that Solana's mobility has become increasingly fragmented. He mentioned that proprietary AMMs (automated market makers) including BisonFi and Tessera have emerged, but Raydium and Orca are no longer as competitive as they used to be. Valente also said that concentrated liquidity AMM still holds most of the liquidity compared to the RFQs (inquiry system) and traditional order books.
Subsequently, attention turned to the derivatives field. Valente said Hyperliquid currently dominates the market, and recent hacking attacks by Drift have disrupted its progress. He added that Bullet has not yet gained a foothold, while Phoenix, while still active, lags behind leading platforms. According to Valente, most crypto-derivative transactions now take place on Hyperliquid and Lighter.
Tokenized assets and investors become the focus
Valente also emphasized that tokenizing real-world assets is another challenge. He said that in the nearly $30 billion tokenized RWA (real world asset) market, Solana only accounts for about $1 billion, ranking outside the top three blockchains.
He added that tokenized stocks and related derivatives represent important opportunities. However, he questioned whether Solana could gain a meaningful share unless Tradexyz made a mistake.
At the same time, the market is forecast to continue to expand elsewhere. Valente said the event is still concentrated on Kalshi and Polymarket rather than Solana.
Ecosystem looks for next growth catalyst
Valente also pointed to changes in investor dynamics. He said Multicoin Capital is still backing Solana, although Kyle Samani no longer dominates the company's public investment narrative as he used to.
Despite these challenges, Valente praised the team including Backpack led by Armani Ferrante, as well as Buffalo and JTX. However, he said Solana had entered an engineering-focused phase, focusing on infrastructure improvements, rebuilding market structures, cultivating new founders, while seeking a breakthrough application to restore trading activity.
