Colosseum Codex: Gimlet, Stablecoin Report, Wormhole Educate Series
Gimlet Debugger, State of Stablecoins Report, Encode Wormhole Educate Series, Solana Governance, Helius [REDACTED] Hackathon, Vixen
What a wild week on Solana!
SIMD 228 fails to pass, Solana turned 5 years old, and there was something about an ad� (we'll just skip that last one).
β SIMD-228, Solana's inflation reduction proposal, failed to pass with just 61% of votes in favor, short of the required 66% required. One positive of this was that 75% of Solana stake participated in the SIMD 228 vote. That's a better voter turnout then every U.S. presidential election for the last 100 years.
π Five years have passed since the Solana genesis block, and in that time it has processed 400+ billion transactions and has grown to more than 1300 validators. Solana OGs took a trip down memory lane to share their favorite moments on Solana.
Here's the roundup of the rest of what happened on Solana this week...
πΈ Gimlet
Gimlet is a new Solana step debugger developed by LimeChain, designed to enhance the development experience for Solana developers.
It's a powerful VS Code extension that provides seamless debugging capabilities for Solana programs. Gimlet integrates with the Agave Ledger tool and supports Solana LLDB, allowing developers to set breakpoints and step through their code directly within the IDE.
- Efficient Debugging: Gimlet enables developers to debug their Solana programs step by step, which is crucial for identifying and fixing issues efficiently.
- Integration with Existing Tools: Gimlet works seamlessly with existing tools like the Agave Ledger tool and Solana LLDB.
- Community Support: As part of LimeChain's ongoing efforts to support the Solana developer community, Gimlet follows the release of Zest, a code coverage tool.
Gimlet is a big addition to the available Solana dev tools and helps developers to create more reliable apps by simplifying the debugging process.
Gimlet, a Solana Step Debugger developed by LimeChain
π΅ State of Stablecoins
Stablecoins have become a crucial part of DeFi, bridging traditional finance and the crypto economy. As of February 2025, the total stablecoin supply reached $214 billion, with a transfer volume of $35 trillion over the past year.
Solana has seen significant growth in stablecoin adoption, particularly driven by speculative trading and memecoin activity.
In May 2024, PayPal expanded PYUSD to Solana, fueling a 271% growth, with Solana initially driving 88% of that increase.
Solana experienced a significant increase in stablecoin supply, growing from $5 billion to $11 billion between January and February 2025. This surge raised its market share from 1.6% to 5.4%, making it a notable player in the stablecoin ecosystem.
This surge coincided with increased activity on Solana-based memecoin launchpads like Pump.Fun, reinforcing Solana's role as a hub for high-velocity stablecoin transactions.
While growth in stablecoin adoption was largely driven by speculative trading and memecoin activity, institutional interest in Solana continues to gain traction with asset managers, payment providers, and financial institutions increasingly exploring stablecoin integration.
(Email required to download the full report)
The State of Stablecoins 2025: Supply, Adoption & Market Trends
β Highlights of the Week
Encode x Wormhole Educate Series
Encode's Wormhole Educate series is an eight-part live, hands-on sessions workshop series starting April 1st, designed to teach participants how to integrate, transfer assets, and build cross-chain applications using tools like Wormhole Connect, the TS SDK, native token transfers, queries, and composable intent settlement.
Solana Governance: Feedback & Suggestions
This article by Chorus One offers an in-depth look at the current state of Solana's governance process, providing feedback on recent proposals like SIMD-228, suggestions for improvement, examining the ambiguity between official and community-led governance efforts, the reliance on third-party tools, and the challenges validators and delegators face with the existing voting system.
Helius [REDACTED] Hackathon
Helius has announced the [REDACTED] Hackathon with over $150K in prizes and 25+ sponsors. The month-long event features four tracks: Analytics, Monitoring, Forensics, and Security, each aimed at strengthening on-chain security and transparency. Participants can submit entries from April 1st to 30th.
β‘ Quick Hits
Colosseum has launched an Echo.xyz group to support its Accelerator teams - @colosseum
How to mint tokens on Solana (JavaScript tutorial with gill) - Nick Frostbutter
Hylo Integrates Pyth: Empowering Users with Efficient Pricing - @hylo_so
The Promise of Deep Funding: Reimagining Public Goods on Solana - @adlonymous
The first set of tracks for Solana Contentathon 2025 are live - @SolanaCollectiv
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Raydium is launching its own version of pump.fun - Lightspeed
Report: State of Helium Q4 2024 - Messari
βοΈ Tools & Resources
solana-secp256k1-ecdsa is a no_std compatible ECDSA implementation for the Secp256k1 curve, designed for use within the Solana ecosystem.
Vixen Streams by Triton One is a high-performance gRPC service that delivers real-time, parsed Solana blockchain data streams and provides a structured way to monitor and process on-chain data.
πΈ Funding
ORO Labs, a tokenized gold protocol on Solana, raised $1.5 million in pre-seed funding led by 468 Capital, with support from Fasset and angel investors from leading Solana projects, including Phantom, Jupiter, Helium, Squads, Sanctum, Anza Labs, Perena, Bonk, and Forma, and others.
Crossmint has raised $23.6 million in a strategic Series A round Led by Ribbit Capital and supported by Franklin Templeton and Nyca Partners. The funding will drive Crossmintβs efforts to expand its services, including a framework for AI-driven commerce with dedicated wallets and payment APIs for AI agents.
π©βπ§ Get Hired
- SevenLabs is hiring a Full Stack Engineer to contribute to tools, programs, and applications on Solana.
- Range is hiring a Solana Rust Engineer to build high-performance Solana programs and data indexing infrastructure.
- Helius is hiring a Senior Rust Engineer (Remote North America) to build and scale distributed systems.
- Chorus One is hiring a Senior Software Engineer (Rewards Data) to support rewards reporting and financial performance monitoring.
π§ Listen to This
Epicenter
In this episode, Anatoly Yakovenko, CEO and co-founder of Solana, explores its evolution as a high-throughput chain.
The discussion covers Solana's original vision of bringing Nasdaq on-chain and its surprising journey from the Pump.fun craze to becoming a leader in throughput scaling without relying on sharding or rollups.
Despite facing significant challenges, including the bear market downturn following the FTX crash, Solana not only survived but also built a vibrant community around what many consider crypto's most promising product-market fit.
Anatoly shared his insights on a range of controversial topics such as MEV, the concept of concurrent block leaders, and the ongoing debate between mainnet solutions versus L2 rollups.
The conversation also dives into technical aspects like the Firedancer upgrade, Solana economics, and the implications of proposals like SIMD-0228, along with a look at Solana mobile.
Solana: From On-Chain Nasdaq to the Pump Fun Craze - Anatoly Yakovenko
Bonus Episodes
Solana Insiders Wanted to Reduce Inflation, but It Failed. Hereβs What the Proposalβs Author Thinks - Unchained
The proposal to significantly reduce Solanaβs inflation didnβt pass. Multicoin Capitalβs Tushar Jain, one of the authors of the SIMD-228 proposal, explains why it failed and what it means for the future of Solana.
Meet the FOCGER: Lewis Arnsten, Supersize - FOCGERS
In this Meet the FOCGER episode, @cheapnumbers shares his journey launching Supersize, the first real-time fully onchain game on Solana, explains how writing custom contracts led him deeper into the space, the challenges of building fully onchain, the impact of MagicBlockβs FOCG engine, and why Solanaβs memecoin culture made it the perfect launchpad.
How to Use MCP & Vibe Coding to Create Your First App w/ SendAI - blocmates.
This episode explores MCP's transformative role in AI, the emerging concept of vibe coding and low-code AI development, examining how these approaches are reducing app development costs and fueling the rise of hyper-speculative applications.
Backpack's Journey to Building Better Crypto Exchanges - Talking Tokens
Armani Ferrante, Backpack and Mad Lads cofounder and CEO, discusses his journey from Apple to Alameda, building multiple startups on Solana, his experience operating during the FTX collapse, how that shaped him to operate Backpackβs business, and what heβs doing to scale the exchange.
Driftβs Lead Engineer: Beating TradFi with Tighter Spreads & Long-Term Strategy - Logan Jastremski
Chris Heaney, Lead Engineer of Drift Protocol, explores Drift Protocol's launch of Swift Protocol, strategies for mitigating MEV, aggregating liquidity from both on-chain and off-chain sources, protocol updates to onboard market makers, and the introduction of conditional liquidity alongside support for multiple concurrent proposers.
Behind the scenes of one of the biggest companies on Solana: Helius - 100xDevs
Nick, co-founder of Helius, shares the challenges of building on Solana, how Helius scaled alongside the blockchain, the role of RPCs in making transactions land smoothly, insights on infrastructure, indexing, and the future of blockchain scalability.
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