The Solana blockchain is navigating a period of starkly contrasting developments. As a major security incident shakes confidence in its decentralized finance (DeFi) ecosystem, a prominent asset manager is simultaneously doubling down on the network for its tokenized fund offerings. This juxtaposition highlights both the platform’s accelerating institutional appeal and the persistent vulnerabilities that accompany rapid growth.
Institutional Momentum Builds with WisdomTree Launch
On January 28, 2026, asset manager WisdomTree announced it would make its entire suite of tokenized funds available on the Solana blockchain. The New York-based firm, widely recognized for its exchange-traded funds (ETFs), will facilitate trading for both institutional and private investors through its WisdomTree Connect and WisdomTree Prime platforms.
This move allows retail investors to purchase tokenized funds directly using USDC and hold them in self-custody wallets, bypassing traditional banking channels. Maredith Hannon, WisdomTree’s Head of Digital Assets, stated that the integration underscores the company’s “focus on regulated real-world assets within the onchain ecosystem.”
WisdomTree joins a growing roster of traditional finance entities entering the Solana space. Just a week prior, on January 21, Ondo Global Markets launched on the network, offering access to over 200 tokenized U.S. stocks and ETFs. This launch positioned Ondo as Solana’s largest real-world asset issuer. Furthermore, software provider R3 is reportedly developing frameworks for institutional yield products on the blockchain.
This institutional interest is reflected in capital flows. Data from CoinShares indicates that between the start of the year and January 23, 2026, Solana attracted $92.9 million in institutional investment, ranking second only to Bitcoin for that period.
A Major Security Incident Emerges
Contrasting this positive news, the DeFi platform Step Finance disclosed on January 31, 2026, that several of its treasury wallets had been compromised. According to cybersecurity firm CertiK, the attackers made off with 261,854 SOL, equivalent to approximately $27 million. The stolen coins had initially been staked and were subsequently unstaked and transferred by the hackers.
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Step Finance, which operates as a portfolio tracker for Solana users aggregating yield farming positions and liquidity provider tokens across various protocols, has engaged cybersecurity experts. The method of the breach remains under investigation. In the wake of the announcement, the platform’s native governance token, STEP, plummeted by more than 80%.
Beyond its DeFi platform, Step Finance also runs a validator node on Solana and organizes the Solana Crossroads conference.
Network Performance and Market Context
Despite these events and broader market headwinds, Solana’s underlying technical infrastructure continues to demonstrate resilience. The network reportedly processed over 10,000 transactions per second during a recent period of market stress. Cross-chain protocol Wormhole notes that more than 30% of all transfers now flow toward Solana, which added 300,000 new users in 2025. The total value locked on the network stands at $12 billion.
The SOL token is currently trading around $110, a significant distance from its all-time high of approximately $294 reached in January 2025. The wider cryptocurrency market is experiencing outflows, with CoinShares reporting the largest capital withdrawals since mid-November 2025 at the end of January.
The Step Finance exploit serves as a potent reminder of the risks inherent in the DeFi sector, with its full impact on the broader Solana ecosystem still being assessed. Concurrently, the strategic expansion by WisdomTree and other established financial players signals growing confidence in Solana’s capacity to serve as a foundation for regulated financial products.
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