Lightspeed Solana's Onchain Nasdaq Thesis | Carlos Gonzalez Campo
Dec 11, 2025
Carlos Gonzalez Campo, a research analyst at Blockworks Research focused on Solana and DeFi, dives deep into the current state of the Solana network. He discusses Solana’s decentralized Nasdaq thesis, highlighting its potential for on-chain price discovery by 2026. The conversation also covers Jupiter's ambitious vision for a DeFi super-app and the implications of the CMD411 inflation proposal on emissions. Carlos analyzes the growing importance of application revenue and shares insights on DeFi 2.0 projects to watch, offering a comprehensive look at Solana's evolving landscape.
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Applications Capturing Increasing Share Of Value
- Solana’s application layer now captures far more value than the L1, with apps earning ~$3 for every $1 of network revenue in November.
- This trend raises the question whether investor attention should shift from the L1 to high-revenue applications.
Shift From JITO Tips To Priority Fees
- Priority fees have grown relatively more important after JITO tips plunged ~85% since the ban.
- That shift signals a more competitive MEV market and rising efficiency in transaction pricing.
Favor Simple, Predictable Inflation Fixes
- Supporters should prefer simpler governance changes because complexity undermined prior proposals like CMD 228.
- CMD411 doubles disinflation to reach 1.5% in ~3 years and is easier to model for staking businesses.