An active points system, with tokens traded at $0.80, precedes a planned future token airdrop.
The Pacifica exchange on Solana reached a daily trading volume of $624M. This activity happened while the platform remains in a beta phase. The exchange operates with restrictions on deposits and withdrawals.
Pacifica was created by Constance Wang, who previously worked as the Chief Operating Officer at FTX. This connection to the defunct exchange has not prevented social media influencers from promoting the new platform. User registration is currently managed through an invitation-only system.
Total trading on the DEX has passed $10B since its launch in June. The value of assets held on the platform is reported at $20M. This figure is a direct result of the deposit limits. The high trading volumes have led to questions about the nature of the activity, which could involve automated systems or repeated trades between users.
The platform uses a points system to reward users based on their weekly trading volume. It distributes 500,000 points each week and has given out 2M points so far. These points are being traded unofficially for around $0.80 each. The system is designed to precede a future token airdrop.
Pacifica recently increased its deposit and withdrawal limit to $50,000. The platform holds more than $20M in USDC deposits from its initial testers. It has approximately 12,000 invited users. The rate of new user additions is increasing as more promoters share the project.
The exchange lists several altcoins. Its founders have expressed an intention to develop features similar to those on the Hyperliquid platform.
Recent developments have added uncertainty. The SEC has requested the withdrawal of 19b-4 filings for Solana ETFs, along with XRP, Litecoin, Cardano, and Dogecoin, following updated listing standards.
This regulatory action has tempered institutional excitement, even as discussions continue about the potential approval of a Solana staking ETF that could attract new inflows by giving investors access to staking yields.
At the same time, FalconX launched a 24/7 electronic options platform that includes Solana trading, designed for institutional clients and aimed at improving liquidity in over-the-counter markets.
On-chain, Solana activity has cooled, with new token launches dropping to an 11-month low, raising questions about whether market hype is fading. However, Solana’s Firedancer upgrade and the planned Alpenglow update are expected to improve scalability, potentially strengthening its role in payments and decentralized finance infrastructure.
