Solana Is Having Its Best Month Since 2024—With a Historic Governance Vote on Deck
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Solana has launched an on-chain governance mechanism, requiring proposals to receive 15% staking support before they can be voted on.
ChainCatcher reports that the Solana Foundation has officially launched its on-chain governance mechanism, Solana Governance Proposals (SGP). Validators can now submit, support, and decide on core protocol decisions through SGP. All proposals are conducted on-chain, using a staking-weighted voting mechanism and verified via Merkle proofs. Any validator with at least 100,000 SOL delegates can initiate an SGP. Unlike Solana Improvement Documents (SIMD), which focus on technical and protocol changes, SGP primarily serves to express opinions on ecosystem governance. Proposals must receive at least 15% network staking support before entering the formal voting phase.
Technical Analysis: Ethereum's monthly TD sequence indicator has generated a buy signal, having previously indicated trend-following opportunities on three separate occasions.
According to Mars Finance, on July 3rd, analyst Alicharts reported that the Ethereum monthly Tom DeMark (TD) sequence indicator showed a buy signal. Since the end of 2021, the monthly TD sequence indicator has charted every major trend reversal for Ethereum. September 2021: The TD sequence indicator flashed a monthly sell signal precisely at a macro high, followed by a 78% price drop. September 2022: The indicator reversed, displaying a monthly buy signal, accurately identifying the bottom, followed by a 235% price rebound for ETH. March 2025: Another monthly buy signal appeared, triggering an immediate 182% price increase. Alicharts believes that given Ethereum's historical hit rate on this particular indicator, this pattern indicates that sellers are showing signs of fatigue at the macro level. It suggests that the current correction is likely forming a major local or cyclical bottom.
Solana has implemented on-chain governance, setting the entry threshold at staking 100,000 SOL tokens.
According to Foresight News , CoinDesk reports that Solana has enabled on-chain governance. Its GitHub repository shows that the system, for the first time, grants its validators and token holders the right to directly and documentedly vote on the network's future. Submitting a proposal requires staking 100,000 SOL (approximately $7.7-7.8 million based on an SOL price of $77-78). A proposal needs 15% active staking support to enter the voting stage, and two-thirds of the staking votes are required for passage. The results are recorded on-chain. This system empowers delegators, ordinary users who stake their SOL with validators instead of running nodes and collecting staking rewards themselves. Delegators can now overturn validator votes or cast their own vote if a validator abstains, with all votes weighted by the delegator's own stake. The Solana Foundation calls this "stakeholder sovereignty," aiming to retain true voting power in the hands of the actual token holders, rather than entirely relinquishing it to the validators they delegate to.
Analysis: Bitcoin's 365-day Sharpe ratio has fallen to its lowest level since 2022, historically corresponding to multiple bear market bottoms.
According to BlockBeats, on July 6th, data from CryptoQuant showed that Bitcoin has fallen approximately 28% year-to-date, with its 365-day rolling Sharpe Ratio briefly dropping to around -21, its lowest level since the end of 2022, and currently remaining close to -20. The Sharpe Ratio measures an asset's risk-adjusted return. A negative value means investors are taking on higher volatility risk, but the actual return is lower than that of risk-free assets (such as 10-year US Treasury bonds). Given the current US Treasury yield of approximately 4.45%, this indicator reflects a significant deterioration in Bitcoin's risk-return performance over the past year. However, CryptoQuant points out that historically, a Sharpe Ratio falling to such an extreme negative value often indicates that market selling pressure is nearing exhaustion. Similar levels have appeared near the bottoms of the bear markets in 2015, 2019, and 2022, subsequently accompanied by the start of a new upward cycle for Bitcoin.
Citrini analyst Jukan: Samsung Foundry achieved monthly profitability in June, its first since 2023.
According to a post on the X platform by Citrini analyst Jukan, as reported by Odaily Korean media, Samsung Foundry achieved monthly profitability in June, its first such month since 2023. With this positive profit in June, Samsung internally believes the likelihood of a profit turnaround starting in the third quarter has increased. The use of Samsung's 4nm process for HBM4 base dies is considered a key factor driving this turnaround, while improved yield rates are also seen as a major factor supporting the positive monthly profit. Industry sources estimate that Samsung's 4nm process yield has improved to approximately 80%.
Bitcoin's historical July returns: 9 times it closed higher, 4 times it closed lower since 2013.
According to Odaily data, of the 13 "July rallies" in Bitcoin's history since 2013, 9 saw gains and 4 saw losses. The largest gain occurred in July 2020, with a monthly increase of 24.03%. The largest loss occurred in July 2014, with a monthly decrease of 9.69%. To date, the average return for Bitcoin's "July rallies" is 7.07%, with a median return of 8.16%. Of the 10 "July rallies" in Ethereum's history since 2016, 4 resulted in gains and 6 in losses. The largest gain occurred in July 2022, with a monthly increase of 56.62%. The largest loss occurred in July 2017, with a monthly decrease of 27.29%. To date, the average return for Ethereum's "July rallies" is 9.00%, with a median return of -3.99%.