Solana Research Institute

Research

Rigorous, independent analysis of blockchain-based financial infrastructure and its implications for institutional markets.

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12 results

On chain Infrastructure: How will Financial Market Infrastructures Evolve as Financial Services Move onto Public Blockchains?
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On chain Infrastructure: How will Financial Market Infrastructures Evolve as Financial Services Move onto Public Blockchains?

Public blockchains now provide natively what financial market infrastructures have always sold: issuance, settlement, custody. This report examines how FMIs — clearing houses, settlement systems, payment rails — evolve when those functions are commoditised, and what becomes of the legal and risk frameworks that gave them their status.

Angus Scott of the SRI30 Oct 2026
bagey - building a digital native fund at baillie Gifford
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BAGEY: Building A Digital-Native Fund At Baillie Gifford

How Baillie Gifford built BAGEY, a UK-authorised tokenised bond fund issued natively on Ethereum and Solana. A case study, drawn from interviews with the team, on what a digital-native fund really requires.

Angus Scott of the SRI23 Oct 2026
FCA PS26/18: The Final Perimeter Guidance, Reviewed | SRI

PS26/18: What the FCA's Final Perimeter Guidance Means for Public Blockchain Infrastructure

The FCA's final cryptoasset perimeter guidance is out. A wallet exclusion introduced, staking rules tightened, liquid staking tokens unresolved. The SRI reviews PS26/18 against what it argued.

Angus Scott of the SRI25 Sept 2026
Does Solana Have a (Dis)inflation Problem?

Does Solana Have a (Dis)inflation Problem?

Solana's protocol is scheduled to wind down the inflation that funds most staking rewards, on the assumption fees will replace it. But are fees keeping pace? A research note on the structural gap.

Angus Scott of the SRI14 Aug 2026
Does SOL Price Matter for Network Resilience?

Does SOL Price Matter for Network Resilience?

Does a native token's price affect the operational reliability of the network it powers? A research note for bank risk managers on proof-of-stake infrastructure, validator economics, and network resilience.

Angus Scott of the SRI14 Aug 2026
An Open Letter to the FCA (And other Regulators)
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Regulating Permissionless Blockchain: An Open Letter to the FCA (And Other Regulators)

Permissionless blockchain protocols combine open access, composability, rules-based governance, and comprehensive transparency at scale. In an open letter to the FCA, the Solana Research Institute sets out how financial regulation across seven domains can be adapted to what these systems are, rather than forcing them into the institutional forms of traditional finance.

Angus Scott of the SRI23 Jul 2026
Roundtable Recap: Integrating Digital Assets into Core Treasury Operations

Integrating Digital Assets into Core Treasury Operations: A Roundtable Recap

As major payment networks move stablecoins onto public blockchain rails, the question facing treasury and payments teams is no longer whether this infrastructure is real — it is what it takes to build it into core operations. Senior practitioners from across the institutional financial ecosystem spent two hours working through exactly that at the SRI's invitation-only roundtable in London in June 2026.

Angus Scott of the SRI14 Jul 2026
Central Bank of Ireland on Tokenisation: A Response | SRI

Response to Central Bank of Ireland Discussion Paper 12: DLT and Tokenisation in Financial Services

The transformative potential of tokenisation will be realised through open, permissionless networks, not through applying DLT techniques inside the existing structure of finance. In its response to the Central Bank of Ireland's Discussion Paper on DLT and tokenisation, the Solana Research Institute sets out how regulation should assess these systems by their economic substance rather than their technical form.

Angus Scott of the SRI5 Jun 2026
Cover: SRI Response — FCA Consultation on Cryptoasset Perimeter Guidance

SRI Response to FCA Consultation Paper on Cryptoasset Perimeter Guidance

The UK would be alone among major jurisdictions in regulating non-custodial staking and wallets as financial services. The Solana Research Institute's response to FCA CP26/13 explains why that misreads the risk.

Angus Scott of the SRI3 Jun 2026
The Loneliness of Misunderstanding: The UK's Crypto Sakoku and the FCA's 2026 Regulations

The Loneliness of Misunderstanding: The UK's Crypto Sakoku and the FCA's 2026 Regulations

Between 1603 and 1868, the Tokugawa shogunate imposed a strict isolationist policy on Japan known as sakoku, or "closed country" The UK's financial regulators appear set to repeat the same mistake with crypto.

Angus Scott of the SRI27 May 2026
A financial institutions guide to solana
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A Financial Institution's Guide to Solana

This is a guide to Solana for people who work in Financial Institutions (“FIs”). It is intended to provide a clear-eyed description of Solana from six different perspectives that an analyst at a fInancial institution might consider if tasked with evaluating Solana as a venue for their firm’s business.

Angus Scott of the SRI30 Apr 2026
Public Blockchains in Financial Markets - Reflections from the SRI's Inaugural Session group shot

Public Blockchains in Financial Markets - Reflections from the SRI's Inaugural Session

Senior practitioners from State Street, the DTCC, R3, and others met in London to debate the role of public blockchain in financial markets. A recap of the Solana Research Institute's inaugural session, held under Chatham House Rules.

Angus Scott of the SRI9 Mar 2026