The Solana Foundation has recently taken new actions to support the ecosystem. By observing the market, it’s clear that projects like SKR, DONT, and FIGHT are backed by institutional capital, making them typical VC coin tracks.

The characteristics of these projects are also quite obvious—strong fundraising ability, numerous early participants, and large holders with concentrated holdings. From the foundation’s perspective, this selective support can attract institutional liquidity, but it also risks widening the wealth gap. While the SOL ecosystem attracts top-tier capital, it must also consider how to provide ordinary participants with fairer opportunities.

Overall, the clustering of large-scale financing projects not only indicates high ecosystem enthusiasm but also reflects the current financing cycle’s characteristics—dominated by institutions and concentrated among top players. Whether truly application-level projects can be incubated in the future will be the real measure of the ecosystem’s health.