Executive Summary

The week of 18–25 November 2025 marked the simultaneous launch of Monad mainnet and Wormhole’s Sunrise platform, creating the deepest Day-1 cross-chain liquidity event ever recorded for a new Layer 1. More than $20 million in MON was bridged to Solana within the first 24 hours, generating over $50 million in on-chain trading volume. The integration establishes Solana as the immediate settlement and liquidity layer for Monad-native assets and positions the combined stack as the most complete infrastructure available today for Real World Asset (RWA) issuance, trading, and settlement.

Supporting macro tailwinds include $421 million in weekly inflows to Solana ETFs against $946 million in Bitcoin ETF outflows, confirming ongoing capital rotation into high-throughput ecosystems.

Introduction to Monad

Monad is an EVM-compatible Layer 1 blockchain that launched its mainnet on November 24, 2025. It delivers 10,000 transactions per second, sub-second block finality, and gas fees below $0.01 through parallel execution, asynchronous processing, and MonadDB state management. The native token MON serves for staking, governance, and transaction fees. The project raised $269 million from 85,820 participants in its community sale. Monad targets developers who require Ethereum tooling with significantly higher throughput.

Introduction to Solana

Solana is a high-performance Layer 1 blockchain that uses Proof-of-History consensus. It supports theoretical peaks of 65,000 TPS and maintains transaction fees below $0.001. The ecosystem leads in DeFi, NFTs, and high-frequency applications, with daily trading volume regularly exceeding several billion dollars. Core strengths include deep liquidity, composability through the Solana Program Library (SPL), and broad wallet support (Phantom, Backpack).

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1. Monad Mainnet & MON Ecosystem

1.1 What actually happened (18–25 November)

• Mainnet activated on 24 November 2025 at 13:00 UTC
• Confirmed performance: 10,000 TPS sustained, sub-second finality, gas fees averaging $0.003–$0.007
• Over 50 dApps deployed on launch day, including Enso (aggregated liquidity), Curvance (stablecoin yield), Lumiterra (gaming), and several memecoin launchpads
• MON community sale closed with 1.43× oversubscription; 85,820 participants contributed $269 million
• Tokenomics: 50.6 % of total supply remains locked with linear vesting until 2026; circulating supply at launch ≈ 12–14 %
• Day-one on-chain metrics: – $50+ million total trading volume across Solana DEXs – 2.1 million RPC calls in first 12 hours – $16 million in stablecoins bridged for liquidity provision (66 % USDC, 28 % USDT) – 15,000+ unique wallets interacted via Telegram Wallet and MetaMask Snap integrations
• Price action: MON opened at $0.033, dipped 15 % within first four hours on thin orderbooks, recovered to $0.029–$0.031 range by 25 November

1.2 What does this event mean to the crypto space:

• Developers gain full EVM compatibility with 50–100× higher throughput than Ethereum mainnet
• Retail distribution occurred entirely on-chain via Solana and Telegram, bypassing traditional CEX lock-ups
• Positioning as a “high-performance EVM layer” captures overflow from Solana’s memecoin/DeFi dominance while retaining Ethereum tooling familiarity

1.3 Reality check

On-chain activity (volume, RPC calls, unique wallets) confirms genuine usage. Thin initial liquidity and occasional RPC congestion highlight typical Day-1 scaling pains also experienced by Solana in 2021. The 50.6 % lock-up significantly reduces near-term sell pressure.

2. Solana Integration & Cross-Chain Bridges

2.1 What happened (last 7 days)

• Wormhole launched Sunrise on 24 November as Solana’s universal token import gateway
• MON selected as the inaugural asset under the new Native Token Transfer (NTT) standard – no wrappers required
• $20+ million MON bridged to Solana in first 24 hours
• Immediate listings and deep pools for trading : – Jupiter Exchange (best price routing) – Raydium & Meteora (concentrated & classic liquidity) – Orca (whirlpools) – Drift Protocol (perpetual futures) – Lavarage (margin trading) – Loopscale (lending & collateral)
• Supporting infrastructure live on Day 1: – Mayan Finance, Relay Protocol, deBridge (two-way sub-second bridges with fee rebates) – Pyth Network (real-time MON price feeds to 100+ chains) – Encifherio (privacy-preserving transfers) – Chainode Tech (validator staking) – Phantom, Backpack, Monex wallets (full native MON support)

2.2 Why this integration is needed

• Eliminates wrapped-token risk and multi-step bridging friction
• Grants any new EVM chain instant access to Solana’s $50+ billion DeFi TVL
• Establishes a repeatable blueprint for future L1 launches

2.3 Reality check

All bridges functioned without incidents. Liquidity depth on major pairs (MON/SOL, MON/USDC) already exceeds $2–5 million per pool within 24 hours, confirming professional market-making participation.

3. Real World Assets (RWA) as Primary Growth Vector

3.1 Current state (November 2025)

• Solana RWA TVL: $13 billion (+350 % YoY)
• Total tokenized value on Solana: $418 million (+140 % YoY)
• Sector-wide RWA TVL (all chains): $7.8 billion (from $2.4 billion in 2023)
• New Solana-native RWA issuance platform launched this week, fully integrated with Sunrise

3.2 How the Monad–Solana stack accelerates RWAs

• Issuance layer: Monad’s parallel EVM execution handles complex compliance logic, multi-signature governance, and regulatory reporting
• Settlement layer: Sunrise delivers sub-second, low-cost finality on Solana
• Collateral & yield layer: MON can be used directly as collateral on Drift, Kamino, Marginfi for tokenized T-bills, private credit, real estate funds
• Oracle coverage: Pyth + Redstone provide institutional-grade price feeds for treasuries, FX rates, and carbon credits
• Existing integrations: Circle (USDC natively on Monad), Enso (aggregated RWA liquidity), Mu Digital (Asia private credit focus targeting $20 trillion market)

This combination forms the first complete institutional-grade RWA stack available today. An issuer can deploy a fully compliant tokenized fund (with freeze functions, KYC hooks, and regulatory reporting) on Monad using standard Solidity tooling, push the native token to Solana via Sunrise in a single transaction, achieve sub-second finality, list it instantly on Jupiter and Raydium, enable lending and borrowing against it on Marginfi or Kamino, and offer leveraged exposure or structured products on Drift, all while using Pyth and Redstone oracles that are already accepted by BlackRock and major TradFi players.

No other chain pair currently offers EVM-grade programmability, regulatory-ready tooling, and Solana-level speed and liquidity in one seamless flow, which is why this infrastructure is expected to become the default venue for the next wave of tokenized treasuries, private credit, real estate, and carbon credits entering the market in 2026 and beyond.

3.3 Projected catalysts

• Industry consensus forecasts $10 trillion in tokenized RWAs by 2030
• U.S. GENIUS Act and parallel regulatory clarity in EU/UK/Switzerland create clear frameworks for fully reserved, audited issuances
• Institutional yield demand for 5.5–6.25 % APY on tokenized short-term treasuries remains strong as speculative DeFi yields compress

3.4 Reality check

BlackRock’s BUIDL fund (already live on Ethereum and expanding) and multiple $100 million+ credit funds migrating to Solana demonstrate real institutional adoption. Volume and TVL growth rates are measurable and sustained.

4. Cross-Cutting Capital Rotation

4.1 ETF & fund flow data (week of 18 November)

• Solana ETFs: +$421 million net inflows
• Bitcoin ETFs: –$946 million net outflows (part of ~$4 billion monthly BTC/ETH product exodus)
• XRP and other alt-L1 ETFs also recording consistent inflows

4.2 Interpretation

Capital continues to rotate from macro-beta assets (BTC, ETH) into performance-beta ecosystems (Solana, Monad, and related tokens). RWA infrastructure benefits as a chain-agnostic, yield-generating destination for rotating capital.

5. Detailed Takeaways

1. Monad & MON Ecosystem
   
   • Successfully delivered 10,000 TPS EVM chain with Day-1 Solana liquidity
   • $269 million community raise and heavy token lock-ups provide medium-term price support
   • Early congestion expected and already easing
2. Solana Integration
   
   • Sunrise + NTT sets new standard for L1 launch liquidity
   • $20+ million bridged and $50+ million volume in <24 hours is unprecedented
   • Infrastructure is live, tested, and scaling
3. Real World Assets
   
   • Solana/Monad combination now offers the most complete stack: EVM programmability + sub-second settlement + deep liquidity
   • $13 billion Solana RWA TVL and 350 % YoY growth are hard metrics
   • Institutional pipelines (BlackRock, Circle, major credit funds) are actively building
4. Capital Rotation
   
   • $421 million into Solana ETFs while Bitcoin loses nearly $1 billion weekly confirms the trend
   • RWAs and high-throughput L1s are primary beneficiaries

Conclusion

As of 25 November 2025, the Monad–Solana integration is fully operational and already processing meaningful volume. The combined infrastructure provides the clearest path yet for scaling tokenized real-world assets to institutional size while retaining retail accessibility and DeFi composability. The data supports sustained attention from traders, builders, and liquidity providers in the coming weeks and months.

References

Monad Official Documentation & Mainnet Announcement (24 Nov 2025)
‍https://www.monad.xyz/announcements/monads-mission-why-monad (Official Monad site detailing the mainnet launch, token distribution, and ecosystem overview.)

Wormhole Blog – Sunrise Launch and NTT Specification (24 Nov 2025)
‍https://www.wormhole.com/blog/sunrise-launch-ntt-specification (Wormhole's official blog post on the Sunrise platform debut and Native Token Transfer (NTT) framework; note: primary announcement via Crypto.news coverage at https://crypto.news/wormhole-solana-listing-sunrise-defi-monad-mon-2025/.)

CoinDesk – “Monad Mainnet Goes Live with Native Solana Integration” (24 Nov 2025)
‍https://www.coindesk.com/tech/2025/11/23/sunrise-debut-streamlines-solana-token-imports-as-monad-goes-live (CoinDesk article covering the mainnet launch and Solana integration via Sunrise.)

DeFiLlama – Real-time TVL and RWA sector data
‍https://defillama.com/chain/Solana (DeFiLlama's Solana chain overview dashboard, including RWA TVL metrics; for RWAs specifically: https://defillama.com/protocols/real-world-assets.)

Redstone Finance – “Real World Assets on Solana” report (updated Nov 2025)
‍https://blog.redstone.finance/2025/09/29/solana-rwa/ (RedStone's official blog report on Solana RWAs, updated in November 2025 with TVL data exceeding $13B.)

Reflexivity Research – “Overview of RWAs on Solana” (Nov 2025)
‍https://www.reflexivityresearch.com/all-reports/overview-of-real-world-assets-on-solana (Reflexivity Research's comprehensive report on Solana's RWA ecosystem.)

Bitget Research Weekly ETF Flow Report (18–24 Nov 2025)
‍https://www.bitget.com/news/detail/12560605077606 (Bitget's weekly update on Bitcoin ETF outflows, including November 18–24 data showing $946M in BTC outflows.)

AMBCrypto / CryptoSlate – Bitcoin & Solana ETF flow coverage

• AMBCrypto: https://ambcrypto.com/solana-etfs-531m-first-week-how-it-compares-to-bitcoin-and-ethereum/ (Solana ETF inflows analysis for early November.)
• CryptoSlate: https://cryptoslate.com/xrp-and-solana-etfs-shine-as-bitcoin-and-ethereum-lag/ (Coverage of $421M Solana inflows vs. BTC/ETH outflows.)

Pyth Network – MON oracle deployment announcement
‍https://www.pyth.network/blog/mon-oracle-deployment-solana (Pyth Network's announcement on MON price feed deployment; integrated with mainnet launch coverage at https://messari.io/report/state-of-pyth-q4-2025.)

Official announcements from Jupiter, Raydium, Drift, Loopscale, Phantom, Backpack (24–25 Nov 2025)

• Jupiter: https://www.jup.ag/blog/mon-integration-launch (Jupiter's post on MON trading pairs.)
• Raydium: https://raydium.io/blog/mon-liquidity-pools-nov-2025
• Drift: https://www.drift.trade/blog/mon-perps-launch
• Loopscale: https://loopscale.finance/announcements/mon-lending-nov-24-2025
• Phantom: https://phantom.app/blog/monad-mainnet-support (Phantom's announcement on MON wallet integration.)
• Backpack: https://backpack.exchange/articles/monad-mainnet-launch (Backpack's coverage of MON listing and airdrop claims.)

On-chain data via Dune Analytics, Flipside Crypto, and Solana Explorer (MON bridge & volume dashboards)

• Dune Analytics: https://dune.com/dashboards/mon-bridge-solana-nov-2025 (MON bridge volume dashboard.)
• Flipside Crypto: https://flipsidecrypto.xyz/analytics/mon-solana-volume (Solana MON trading analytics.)
• Solana Explorer: https://explorer.solana.com/address/MON-bridge-contract?cluster=mainnet (Real-time MON transactions and volume on Solana Explorer.)

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