Solana March 2026 Update

Institutional Flows: ETPs and DATCOs

SOL ETP inflows totaled $53.1M in March, down from $95.3M in February. SOL ETPs continue their 15th consecutive month of inflows, with BTC and ETH ETPs also reversing course. Of note, we recently expanded our ETP coverage to include European ETPs, resulting in a February inflow figure higher than what was reported in the previous month’s note. By contrast, Solana DATCO holdings remained virtually unchanged for a sixth consecutive month, constrained by limited secondary liquidity and persistent mNAV discounts. In March, Solana DATCO holdings totaled 15.98M SOL, flat from the month prior.

On a market cap adjusted basis, SOL ETP inflows in March amounted to 0.12% of SOL’s market cap. This is roughly in line with median inflows during the SOL ETF’s ninth-month lifetime.

Network Health

Constellation: Multiple Current Proposers (MCP)

On March 25, Anza introduced Constellation, an MCP protocol proposal for implementation into the Agave client. As a reminder, MCP aims to constrain the single leader’s monopoly over transaction inclusion, which introduces negative externalities such as late packing or censoring of transactions. Constellation proposes 16 concurrent proposers simultaneously collecting and submitting transactions, enforced by a layer of 256 attesters.