Data indicates that Solana has flipped Hyperliquid in spot trading volume for the MON token. This shift highlights growing liquidity and trading activity for the asset directly on the Solana blockchain, challenging the dominance of off-chain or app-chain order books for this specific asset. Concurrently, Loopscale has launched MON lending and borrowing markets powered by Sunrise DeFi. These updates provide deeper liquidity and leverage utility for MON holders on Solana, allowing for more complex financial strategies within the ecosystem. [Update 1] Solana co-founder Anatoly Yakovenko highlighted this volume milestone, emphasizing the network's capacity to serve as a high-performance decentralized financial platform capable of handling significant market activity. In a related ecosystem development, the Phantom wallet released a special Monad-themed icon for iOS users to celebrate developments surrounding the Monad ecosystem, coinciding with the shift in liquidity preference.