Recent key dynamics of the counterfeit market
Since entering 2026, the overall counterfeit market remains constrained by tight liquidity, and investors are generally wary of high initial valuations (FDV) and long-term lock-up models. In this environment, projects that can clearly articulate cash flow models, token distribution mechanisms, or provide clear exit strategies are more likely to receive a market revaluation.
Conversely, once project parties temporarily change roadmaps, switch underlying chains, or adjust rules, the community often interprets this as a signal of 'preparing to run away' or 'final harvesting'.
Recent major project catalysts are summarized as follows:
$PENDLE | Pendle is upgrading its vePENDLE model to sPENDLE, with the new mechanism shifting to a liquid staking model, canceling multi-year lock-up requirements, and shortening the exit cycle to 14 days.
$PUMP | Pump.fun has launched a $3 million 'Build in Public' hackathon program and is continuously supporting startups and application ecosystems on its platform through Pump Fund.
$ZORA | Solana has incorporated the $ZORA protocol into its on-chain trading system, supporting Zora's long-term narrative of 'becoming the market for all assets'.
$WLFI | World Liberty Financial has partnered with Dolomite to launch World Liberty Markets, where users can deposit assets to earn returns or use existing holdings for collateralized loans.
$YB | Yield Basis has launched the Hybrid Vault, where the liquidity cap added to the YB pool will be determined based on its contribution to the crvUSD stabilization mechanism.
$MON and $SOL | Etherfuse has reached a partnership with Korea's Shinhan Securities, planning to tokenize government bonds through its stablebond framework and introduce them on-chain, covering networks such as Monad, Solana, and Stellar.
$ME | Magic Eden has launched a new staking rewards program, using 15% of platform revenue to buy back $ME and distribute USDC to stakers.
The Solana ecosystem has also seen several developments recently, with 2026 expected to be the 'explosion year' for the SOL ecosystem:
Remora Markets has added 5 tokenized commodity ETFs on Solana, covering gold, silver, platinum, palladium, and copper.
The total market value of RWA (real-world assets) on Solana has surpassed $1 billion, primarily driven by tokenized funds, stocks, and commodities.
