The Solana ecosystem experienced a whirlwind 24-hour period marked by explosive user growth, significant token volatility, and high-profile criticism from a leading DeFi figure. The activity centered around several key events that highlighted both the vibrancy and the risks within the network.
The launch of the politically-linked "NYC" token created immediate market buzz and controversy. Promoted by former New York City Mayor Eric Adams, the token launched with a stated mission to combat antisemitism. It saw a meteoric initial rise, reaching a market capitalization of $500 million within the first 15 minutes. However, this was followed by an equally dramatic crash, plummeting to $90 million just 15 minutes later. As of the report, it was trading around $130 million.
This volatility was compounded by on-chain data suggesting liquidity withdrawals, triggering a sharp rebuke from Uniswap founder Hayden Adams. In a public post on X, Adams called the situation "awful and incredibly stupid," criticizing the project's handling and its unrealistic promises. He emphasized that public figures have ethical ways to launch tokens without resorting to potential "rug pull" tactics, advising to leave liquidity pools untouched, be transparent about risks, and build actual utility.
In a positive development for user adoption, the TrojanOnSolana terminal launched with remarkable success. The platform attracted 55,000 new users in its first hour alone, driven by aggressive incentives including $5 million in SOL rewards and a $1 million airdrop pool. The terminal offers features like 45% instant cashback on trades, built-in copy trading, and dollar-cost averaging (DCA) strategies.
Other notable events within the Solana ecosystem included a community-driven $2 million buyback proposal for the $RNGR token and the troubled launch of the SHDWAPP privacy protocol, which faced functionality issues and user complaints about being unable to withdraw funds, prompting warnings from observers like SolanaFloor.
