On-chain data has shown an interesting signal. The Space leverage prediction market on Solana just launched less than 24 hours ago and has already raised over $10 million, with FDV jumping from $50 million straight up to the $99 million cap. What does this reflect? Quite simply — funds haven't left this ecosystem; they are just looking for new positions.

Take a closer look at the logic behind this funding. Being able to raise this level during a market consolidation phase indicates that the market's risk appetite hasn't truly cooled down. Investors are not watching the market or hesitating; they are actively betting on new high-risk, high-bet products. Historically, this often signals the prelude to the next wave of hot topics.

Looking again at on-chain data — the stablecoin inflow in the SOL ecosystem has continued without interruption, and the TVL of mainstream DeFi protocols has not shown a significant decline. What are the funds waiting for? They are waiting for new narratives to land. Products like Space happen to hit two hotlines perfectly: the explosive potential of derivatives on Solana, plus the growing market demand for derivatives and leverage tools. This is no coincidence.

Based on these observations, my judgment is: the capital rotation within the Solana ecosystem is far from over. Especially in derivatives and leverage protocols, they are likely to replace Meme coins and DePIN as the most lucrative sectors in the next phase. As long as SOL stays above $100 in the short term, there will continue to be alpha opportunities within the ecosystem.

But a reality must be stated plainly — the higher the hype for such public sales, the greater the probability of a sharp drop after listing. Don’t get caught up in FOMO. Wait until the tokens are truly listed, and carefully examine the real liquidity and staking data before considering action. The market’s ultimate winners have always been those who lay out early, not those who chase the rally.