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Token Dossier

Solana ($SOL), taken apart the way the desk does.

Solana (SOL) Token Dossier · Token edition, as of 2026-11-13

The SOL dossier is the desk's Solana teardown written out as a document, with the figures a short video cannot hold in one place: the token in numbers, the supply in circulation against the total and the maximum, the protocol's fees and revenue where they are tracked, and the level map rebuilt from the latest price. A token files no quarterly report, so this is a shorter document than a stock dossier, and it is priced as such.

Look inside before you buy

1,298 words · about 6 min to read · 10 sections · data as of 13 November 2026

Table of contents

  1. What is in this dossier
  2. What this is not
  3. 1. The teardown
  4. The setup
  5. The network
  6. What it earns
  7. What it keeps
  8. The apps
  9. What held up
  10. The supply
  11. The case against
  12. The chart: Friday's close
  13. The verdict
  14. 2. What changed since it was written
  15. 3. The token in numbers (as of 2026-11-13)
  16. 4. Fees and revenue of the protocol
  17. 5. The level map (as of 2026-11-13)
  18. 6. Sources
  19. 7. What this dossier cannot do
  20. More dossiers in this theme

Excerpt

1. The teardown

Written 2026-10-31, with prices as of 2026-10-31. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-13.

The setup

Solana users paid about $235 million in fees over the last year. The year before, they paid about 933 million. That is a drop of about 75%. Sol closed Friday at $96, down 48% in a year.

The network

It is a fast, low cost blockchain, and one of the main rivals to Ethereum. Sol, its token, pays the fees and secures the chain through staking. At Friday's price, all Sol in circulation was worth about $57 billion. On Hyperliquid, Sol perpetual futures hold about $500 million of open interest.

What it earns

What it earns. The data site DefiLlama counts every fee users pay on Solana. Over the last twelve months, that came to about $235 million. In the twelve months before, it was about 933 million. Over the last thirty days, fees came to about $23 million.

What it keeps

What the network keeps. Part of each base fee is burned, and DefiLlama counts that as revenue. Over the last twelve months, it came to about $26 million. The year before, it was about 334 million. The share that leaves the supply fell by more than 90%.

One table from the document

4. Fees and revenue of the protocol

SourceFees, 30 daysFees, one yearRevenue, 30 daysRevenue, one year
Solana$16.55M$230.67M$1.64M$25.22M

The preview stops here. The full document is delivered by email after purchase.

What the dossier has that the video does not

One dated table for the token: price, market value, fully diluted value, supply in circulation, total and maximum supply, volume and the record high, with a plain read of what the table says. Where a data provider tracks the protocol, its fees and revenue over 30 days and one year, and how many times annualised fees the token trades at, said as an estimate.

Kept current

The dossier carries an "as of" date. The tables are rebuilt on a regular schedule and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a line says how far the price has moved since.

What is inside

  • The teardown in writing: what the token is, who earns it, the weak points and the verdict, dated.
  • What changed since it was written: the price then and now.
  • The token in numbers: market value, fully diluted value, supply in circulation, total and maximum supply, with a plain read.
  • Fees and revenue of the protocol over 30 days and one year, where a public data provider tracks them.
  • The level map rebuilt from the latest price: the 52-week range and the 50 and 200-day averages.
  • Sources: a link to every data page used.

Buy it if

  • You hold or watch $SOL and want a structured read before acting.
  • You want figures you can check yourself, not an opinion.

Skip it if

  • You want a buy signal. A dossier explains and maps; it does not signal.
  • You expect audited accounts. A token has none: the figures come from public data providers and are labelled as such.

How delivery works

Pay through Stripe, and the document arrives by email within seconds as a permanent link tied to your address. Read it in the browser or print it to PDF. Nothing to install, nothing recurring: a one-time purchase. Lost the email? Sign in to your library with the same address and it is there.

Included in Pro. See Pro

An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.