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Masters of Trivia

Solana ecosystem tokens fell this week amid ongoing geopolitical tensions, even as on-chain activity and product rollouts accelerated.
Solana (<a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">SOL</a>) is down more than 4% week-over-week (WoW) to under $124 on fears of an impending United States government shutdown.
The Solana ecosystem saw more modest declines, with the total market capitalization of Solana-based tokens dropping by around 3% to roughly $177 billion, according to <a href="https://coinmarketcap.com/view/solana-ecosystem/" rel="noopener noreferrer nofollow">data</a> from CoinMarketCap.
The sell-offs came despite a strong week for Solana’s application layer, with tokenization platform Ondo Finance bringing more than 200 tokenized stocks and funds to the network and Coinbase enabling on-chain trading for virtually all Solana tokens directly from its app.
<h2 id="solana-tokens-fall-amid-u-s-political-anxieties">Solana Tokens Fall Amid U.S. Political Anxieties</h2>
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bdb659dd818041a48945f02adf26c7ed.png">

Odds of a U.S. government shutdown hit 84% this week. Source: <a href="https://kalshi.com/markets/kxshutdownby/shutdown-this-year/kxshutdownby-26dec31" rel="noopener noreferrer nofollow">Kalshi</a>
The Solana ecosystem sell-off mirrored a broader market downturn, with core cryptocurrencies such as Bitcoin (<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) declining by around 3% and 5%, respectively.
On Jan. 24, the <a href="https://kalshi.com/markets/kxshutdownby/shutdown-this-year/kxshutdownby-26dec31" rel="noopener noreferrer nofollow">odds</a> of a U.S. government shutdown on prediction platform Kalshi surged from less than 35% to more than 80% after U.S. legislators sparred over funding for the federal government’s immigration enforcement agency.
Geopolitical fears overpowered continued momentum for Solana’s app layer, which has generated more than $75 million in revenue so far this year, according to a Jan. 22 X <a href="https://x.com/vibhu/status/2014523712523948266?s=20" rel="noopener noreferrer nofollow">post </a>by Vibhu Norby, the Solana Foundation’s chief marketing officer.
Pump.fun, Solana’s largest meme coin launchpad, defied the broader market sell-off, with its PUMP token logging WoW gains of over 25%, <a href="https://coinmarketcap.com/currencies/pump-fun/" rel="noopener noreferrer nofollow">according</a> to CoinMarketCap.
On Jan. 26, Solana token launchpad volume hit a 2026 high of nearly $180 million, according to <a href="https://dune.com/adam_tehc/memecoin-wars" rel="noopener noreferrer nofollow">data</a> from Dune Analytics, reflecting strong on-chain trading momentum despite market jitters.
<h2 id="ondo-brings-tokenized-u-s-stocks-and-etfs-to-solana">Ondo Brings Tokenized U.S. Stocks and ETFs to Solana</h2>
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/000c3f37a83544a3a4263a4fa0c38d90.png">

Ondo brought more than 200 tokenized TradFi assets to Solana on Jan. 21. Source: <a href="https://x.com/OndoFinance/status/2013982569197453674?s=20" rel="noopener noreferrer nofollow">X/Ondo</a>
On Jan. 21, Ondo Finance brought more than 200 tokenized U.S. stocks and exchange-traded funds (ETFs) to Solana.
The rollout expanded Ondo’s on-chain real-world asset (RWA) trading platform, Ondo Global Markets, to the Solana network from Ethereum and BNB Chain (<a href="https://coinmarketcap.com/currencies/bnb/" rel="noopener noreferrer nofollow">BNB</a>), where it has operated since last year.
Ondo joins other trading platforms such as Kraken, which launched stock trading on Solana last year.
On Jan. 22, Ondo listed shares of BitGo on Solana after the crypto custody and settlement platform launched its initial public offering (IPO) the same day.
Last week, the total market cap of RWAs on Solana <a href="https://coinmarketcap.com/academy/article/solana-news-kaito-plummets-zora-goes-cross-chain-rwas-top-dollar1b-and-more" rel="noopener noreferrer nofollow">surpassed</a> $1 billion, according to Capital Markets, a Solana network–affiliated account on X.
RWAs include tokenized asset classes such as U.S. Treasury debt, equities, alternative assets, and corporate debt.
<h2 id="coinbase-completes-solana-integration-for-on-chain-trading">Coinbase Completes Solana Integration for On-Chain Trading</h2>
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/be1261cab3d54b768662f45ee2a88e45.png">

Coinbase enabled on-chain Solana token trading on Jan. 23. Source: <a href="https://x.com/coinbase/status/2014748885848076500?s=20" rel="noopener noreferrer nofollow">X/Coinbase</a>
On Jan. 23, cryptocurrency exchange Coinbase completed its planned integration of the Solana network, enabling on-chain trading for millions of Solana tokens directly from the Coinbase app.
Previously, users could only trade Solana tokens on Coinbase that had completed the exchange’s listing process.
“Now you can trade millions of @base and @solana tokens on Coinbase, without waiting for a listing,” Coinbase CEO Brian Armstrong said in an X <a href="https://x.com/brian_armstrong/status/2014852122655768989?s=20" rel="noopener noreferrer nofollow">post</a>.
<h2 id="by-the-numbers">By the Numbers</h2>
Total Solana Ecosystem Market Cap: $177.47B
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/25a6f579bdea4728bdcde127f304eaa4.png">

Source: <a href="https://coinmarketcap.com/view/solana-ecosystem/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
Top 5 Solana Coins by Market Cap:
<ol>
 <li>Solana (<a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">SOL</a>): $69.7B</li>
 <li>ChainLink (<a href="https://coinmarketcap.com/currencies/chainlink/" rel="noopener noreferrer nofollow">LINK</a>): $8.4B</li>
 <li>World Liberty Financial (<a href="https://coinmarketcap.com/currencies/world-liberty-financial-wlfi/" rel="noopener noreferrer nofollow">WLFI</a>): $4.2B</li>
 <li>Uniswap (<a href="https://coinmarketcap.com/currencies/uniswap/" rel="noopener noreferrer nofollow">UNI</a>): $2.9B</li>
 <li>Aave (<a href="https://coinmarketcap.com/currencies/aave/" rel="noopener noreferrer nofollow">AAVE</a>): $2.4B</li>
</ol>
Source: <a href="https://coinmarketcap.com/view/solana-ecosystem/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
Most Visited Solana Coins:
<ol>
 <li>Masters of Trivia (<a href="https://coinmarketcap.com/currencies/masters-of-trivia/" rel="noopener noreferrer nofollow">MOT</a>)</li>
 <li>LSD (<a href="https://coinmarketcap.com/currencies/lsd/" rel="noopener noreferrer nofollow">LSD</a>)</li>
 <li>Solana (<a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">SOL</a>)</li>
 <li>Axie Infinity (<a href="https://coinmarketcap.com/currencies/axie-infinity/" rel="noopener noreferrer nofollow">AXS</a>)</li>
 <li>ChainLink (<a href="https://coinmarketcap.com/currencies/chainlink/" rel="noopener noreferrer nofollow">LINK</a>)</li>
</ol>
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7af3188dcc9e4069a5a7173bef6209b3.png">

Source: <a href="https://coinmarketcap.com/view/solana-ecosystem/" rel="noopener noreferrer nofollow">CoinMarketCap</a>

Solana News: SOL Slides on Shutdown Fears, Ondo Launches Stock Tokens, Coinbase Adds On-Chain Trading, and More

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