The Most Epic Stress Test in History: Did Solana Actually Survive?

By: blockbeats|2025/01/20 18:30:03

Original Article Title: "The Strongest Stress Test in History, Did Solana Come Through?"

Original Article Author: Azuma, Odaily Planet Daily

The back-to-back coin issuance by Trump and Melania has brought an unprecedented trading feast to the Crypto market, and also allowed the Solana network to undergo its largest and most powerful stress test in a real-world environment since its launch.

Since the launch and explosion of TRUMP and MELANIA, Solana has become the battlefield of hot money in the entire market. Countless users and funds have poured in crazily, causing the Solana network and its transaction-related infrastructure such as wallets, DEXs, and Bots to bear tremendous traffic pressure. Multiple projects, including Jupiter, have issued statements explaining that "all our systems are currently under extreme load."

Under heavy pressure, the congestion and failure of on-chain transactions on Solana have also increased significantly, and multiple users have reported transaction blocks on Solana today.

However, unlike the few times in the past two years when Solana was mocked after experiencing congestion or even downtime, the voices mocking Solana this time are much quieter. Because everyone knows how terrifying the stress test Solana went through this time was— it is no exaggeration to say that no blockchain has ever experienced such a level of real transaction activity under real-world conditions.

Several key data points can clearly reflect what Solana has experienced in these two days.

· As the preferred buy-in channel for non-industry users, Moonshot has topped the list of the most popular financial apps on the US Apple App Store. Yesterday morning, Moonshot revealed that the platform's 12-hour trading volume reached $4 billion, and more than 400,000 new users have joined the Solana ecosystem through its app; this afternoon, Moonshot updated the data again, stating that the daily active users have exceeded 1 million.

· On January 18, the total trading volume of Solana's DEX reached $28.2 billion, setting a new record high; just one day later, on January 19, this number rose to $39.2 billion, once again significantly surpassing the previous high.

The Most Epic Stress Test in History: Did Solana Actually Survive?

· On January 19, the "real economic activity" metric (REV) of the Solana network, mainly referring to total transaction fees consumed, hit a record high of $56.5 million, more than twice the previous high in November.

· In the afternoon today after Phantom resumed service, the wallet disclosed that users had collectively conducted 10 million transactions today, completing over $1.25 billion in transaction volume through the wallet's Swap feature.

Solana co-founder raj summarized the entire network transaction volume data in just one sentence, but it was enough to say it all—"This is a historical peak never seen before on any blockchain."

Facing such a large-scale ultimate stress test, it is difficult to guarantee which blockchain can smoothly pass.

Ethereum? Don't be ridiculous.

Layer 2? It even struggled a bit when faced with popular airdrops.

Move system? Maybe, but the ecosystem scale is ultimately limited, lacking evidence.

Not to mention those ghost chains that claim to have extremely high TPS but no one uses.

While Solana's performance may not be perfect, it has ultimately passed the test.

Trump's dramatic performance brought unprecedented attention to Solana, propelling SOL to break through the $260 barrier that had hindered the token from continuing its upward trend twice in four years.

Looking ahead, in the Meme new normal environment, Solana is bound to welcome more new traffic, users, and buying demand; all parties in the network and protocol will inevitably be more targeted in optimization and iteration after this stress test experience; despite being heavily drained in the short term, cutting-edge innovations such as AI on the Solana ecosystem are still ongoing; Multicoin Capital is also advancing a more flexible SOL issuance mechanism to reduce the inflation rate...

Even at the midpoint of the bull market, Solana's fundamental positive trend and imaginative space seem unscathed.

Instead of continuing to seek Alpha in the intricate relationships of the Trump family, it is better to grasp the largest Beta in front.

Original Article Link

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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