Lightspeed Cross-Post: The State Of Solana With Carlos Gonzalez Campo

Aug 4, 2025

Carlos Gonzalez Campo, an Analyst at Blockworks Research specializing in Solana and crypto markets, joins to explore the complex dynamics of the current crypto landscape. He discusses Solana's surprising price movements compared to Ethereum and the implications of the POMP ICO on liquidity. The conversation delves into the challenges Solana faces in attracting stablecoin liquidity and its competition in DeFi. Additionally, they examine recent upgrades that enhance transaction processing and the impact of decentralization on the network's future.

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INSIGHT

Solana's Price Signals Ecosystem Strength

Solana's price rising to $186-$187 signals fundamental strength despite underperforming ETH recently.
Its resilience through events like the POMP ICO shows improved ecosystem health and potential growth for DeFi apps.

INSIGHT

Ethereum's Stablecoin Network Effect

Ethereum retains dominant stablecoin liquidity and DeFi market share, which is hard to replicate.
Stablecoin network effects create significant stickiness and attract TradFi attention, reinforcing ETH's position.

INSIGHT

Lower REV Challenges Price Narrative

Solana's on-chain revenue (REV) has decreased, contradicting price trends linked to activity.
Market activity shifts like declining meme coin trades impact revenue metrics, indicating nuanced price drivers.

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Gm! This week we're joined by Carlos Gonzalez Campo to discuss the current state of crypto markets. We deep dive into can ETH continue to outperform SOL, an update on REV, stablecoin network effects, what is BAM & more. Enjoy!

Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more.

Go to app.katana.network to check it out.

Marinade is the premier staking delegation platform on Solana, bringing billions in liquidity and security to the Solana network, and connecting SOL holders to the best staking rates.

Since launching in 2021, Marinade has expanded their suite of products to provide solutions for both DeFi users and TradFi, including liquid and native staking, as well as direct enterprise integrations.

To learn more about Marinade, follow the link below: https://marinade.finance/?utm_source=blockworks&utm_medium=partnerships&utm_campaign=podcast

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Timestamps:

(0:00) Introduction

(1:45) State Of The Market

(6:31) Katana Ad

(6:52) Will ETH Continue To Outperform SOL?

(15:30) Stablecoin Network Effects

(18:19) An Update On REV

(21:32) Katana Ad

(22:04) What Is BAM?

(27:27) Sandwich Attacks

(31:20) Increasing Solana’s Block Limit

(35:43) Marinade Ad

(36:15) Is There A Risk To Validator Centralisation?

(41:38) The Rise Of Crypto Treasury Companies

Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation.

Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Jack, and our guests may hold positions in the companies, funds, or projects discussed.