Solana's SOL token finished the week down 0.75%, just shy of $50 billion in market capitalization, as renewed worries about the Middle East conflict weighed on markets.
However, Solana's broader ecosystem surged by around 67% week-over-week, driven primarily by the addition of XRP (XRP), Ripple's multi-billion-dollar utility token. The move allows XRP holders to use their tokens within Solana-based apps without selling their underlying position.
XRP is now available on the Solana network through wrapped XRP (wXRP), which is backed 1:1 by native XRP held in custody and can be redeemed at any time. This gives XRP holders access to parts of Solana's trading and DeFi ecosystem, including Phantom, Jupiter, Titan Exchange, and Meteora.
Additionally, Drift Protocol took a step towards recovery from its April 1 exploit by securing a proposed recovery package of up to $127.5 million from Tether. The funds will support a dedicated recovery pool meant to address around $295 million in user losses over time.