Latest in Blockchain | November 24, 2025
It was a quiet weekend on the price front. Meanwhile, Solana experienced notable product velocity.
Welcome to the Meridian Update. The weekend brought relative calm for BTC, SOL, and ETH prices. Let’s dive in.
Something happened on the Solana network (part 1)
“Vector is being acquired by Coinbase and is shutting down as of November 26, 2025. Please close all positions, transfer out your assets, and export your private keys.”
That’s the wrong framing. The correct framing is that Coinbase is acquiring Vector because Vector is decentralized finance (DeFi)-native wallet on the Solana network. From Coinbase:
“We’re doubling down on @Solana.”
This announcement came Friday morning. In some ways, it’s not much of a surprise. Coinbase has already been taking turns from its history as a centralized exchange (CEX) company that acts like a traditional broker so that people can get exposure to on-chain assets like Bitcoin and SOL, the native token of Solana. We wrote about a couple Coinbase moves in October. The first was Coinbase’s move to enable some decentralized exchange (DEX) trading activity. The second was its acquisition of an on-chain capital raising platform (think on-chain venture capital).
We talk about the Solana network a lot on the Meridian Update. This is because the Solana network has proven to be the most active network, here in 2025, when it comes to DeFi activity. The Solana network is really fast, so it works for DeFi and related financial market activity.
It seems Coinbase agrees. And it seems, increasingly, that Coinbase is trying to transition its company position. In 2025, Coinbase is a sort of Charles Schwab, but with crypto vibes and no stocks. Can it become a true on-chain interface? It seems it is trying.
Something happened on the Solana network (part 2)
This is technically about Monad, a new blockchain network. But we’ll talk more about its launch and initial trading on MON, its native token, tomorrow.
The big news over the weekend was the introduction and launch of Sunrise out of Wormhole Labs:
“Introducing Solana’s new one-day listing platform.
The new way major assets list and become tradable on @Solana with deep liquidity on day one.
On Monday, MON becomes tradable natively across Solana DeFi.”
We explained the concept of wrapped assets back in the middle of October:
“SOL is the native token of the Solana network. ETH is the native token of the Ethereum network. You can’t get SOL on Ethereum, and you can’t get ETH on Solana. Except you can. If you go on the Solana network right now, you can find an ETH token. It is ETH wrapped onto Solana. Not all wrapped assets are created equally. But a way this can happen is that someone buys the ETH on Ethereum, promises to hold it, and then turns the promise to hold it into a token you can buy on Solana. This is backing the asset one-to-one.”
Wormhole Labs was backed by a large high-frequency trading shop focused on on-chain assets. A core part of its value prop was to solve the following problem: “You can’t get SOL on Ethereum, and you can’t get ETH on Solana.” It has turned into one of the large providers of wrapped assets. It does this by bridging them from one blockchain network to the other.
The news over the weekend was quite interesting for the Solana network, and possibly the on-chain world broadly. There is a running question as to how many, and which, blockchain networks will ultimately matter, have usage, and have native tokens with value. These three things are not necessarily the same. But we got some indication as to the “have usage” question with the Sunrise announcement.
The basic situation is that there are a lot of on-chain assets on a lot of blockchain networks. Wormhole Labs has now dedicated a team, and the focus that brings, to bringing all the big, new ones onto the Solana network from day one.
We don’t yet know if it will achieve its mission. What we know today is that MON will be tradeable on the Solana network. And Crypto Twitter is excited about it.
That’s a wrap
It was quiet on the price front. Meanwhile, Solana experienced notable product velocity. We’ll see you tomorrow morning.
Think we missed something today? Send us a note: email@meridianupdate.com.
