The Solana ecosystem is expanding with two key developments. Axelar has integrated its mainnet with Solana, connecting it to over 70 blockchains for cross-chain messaging and asset transfers. Separately, the on-chain perpetuals exchange Phoenix has launched mobile trading, offering its full orderbook experience via mobile browsers and hitting a $4.3 million daily volume high in May 2026.
Axelar-Solana mainnet integration
- ▪The Axelar integration connects Solana to over 70 blockchains, including Ethereum, XRP Ledger, Sui, Stellar, and Hedera
- ▪Axelar activated its mainnet integration with the Solana blockchain on June 3, 2026
- ▪Solana is the latest major non-EVM (Ethereum Virtual Machine) chain to be added to Axelar’s interoperability network
Cross-chain messaging protocols
- ▪The Axelar-Solana integration enables cross-chain messaging through Axelar’s General Message Passing (GMP) protocol
- ▪Using the GMP protocol, Solana applications can interact with smart contracts on other Axelar-supported chains
Token transfer infrastructure
- ▪Solana users can transfer assets to and from other networks using Axelar’s Interchain Token Service (ITS)
- ▪Users are able to move assets directly to and from Solana via Axelar’s own interface
Ecosystem partner expansion
- ▪Phoenix Trade, an on-chain perpetuals exchange on Solana, launched mobile access for its trading platform
- ▪Phoenix users can now trade via a mobile browser or wallet-embedded browser without a dedicated app
- ▪Squid Router, a cross-chain liquidity layer built on Axelar, now supports asset transfers to and from the Solana network
- ▪Decentralized exchange SaucerSwap on Hedera can now route assets from Solana into its liquidity pools
- ▪On May 13, 2026, Phoenix recorded an all-time high daily trading volume of $4.3 million
- ▪Payments platform Stronghold is extending its $SHx utility token from the Stellar network to Solana
- ▪Phoenix runs a fully on-chain orderbook, using the Solana blockchain as both the matching engine and settlement layer
Backpack Securities tokenized stocks
- ▪Backpack announced the launch of Backpack Securities, a platform for trading U.S. stocks and ETFs on Solana
- ▪The tokenized stocks will enable 24/7 on-chain transfers and integration with DeFi applications on Solana
- ▪The Backpack Securities platform allows users to tokenize their holdings of U.S. stocks and ETFs on the Solana blockchain
- ▪Tokenized securities on Backpack are backed by New York law under UCC Article 8, representing real ownership rights
Interoperability adoption outlook
- ▪The success of the Axelar-Solana integration depends on factors like adoption, transaction volumes, and security performance
- ▪A potential risk for Phoenix's on-chain orderbook is that its $4.3 million daily volume high may be too low for institutional traders
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