The world of decentralized finance on Solana is never short on drama, and Adrena Protocol's DAO is the latest to hit the spotlight. A recent thread from Whale's Friend, a key figure in Solana DAOs and associated with Realms, highlights an upcoming episode of "Would You Invest?" that dives deep into Adrena's recent governance hurdles. If you're into meme tokens or DeFi on Solana, this is worth paying attention to, especially since Adrena supports trading popular assets like BONK.

Adrena Protocol is a decentralized perpetuals exchange built on Solana, allowing users

- Now searching for details on Adrena Protocol DAO on Solana to enrich the article with context.

📊 Results requested: 10

🔗 ​Introduction to Adrena Protocol - Medium​
📄 It's a perpetuals decentralized exchange on Solana. You can presently trade BTC, SOL, and BONK at up to 100x leverage using a pool-to-peer model.
🌐 medium.com

🔗 ​Adrena​
📄 Adrena was born out of a singular goal: a DeFi platform owned and operated by the people, centered on a powerful token imbued with governance and econ...
🌐 www.adrena.xyz

🔗 ​Adrena (@AdrenaProtocol) / Posts / X - Twitter​
📄 Screenshot of Adrena DAO web interface on Solana with sections for proposals, treasury of 217 ... Screenshot of a voting interface for Adena DAO ...
🌐 x.com

🔗 ​Adrena Price, ADX Price, Live Charts, and Marketcap - Coinbase​
📄 Adrena is a decentralized, open source, peer-to-pool spot and perpetual exchange built on Solana with low swap fees and low price impact trades.
🌐 www.coinbase.com

🔗 ​Adrena Price: ADX Live Price Chart, Market Cap & News Today​
📄 Adrena is a decentralized, open-source, peer-to-pool spot and perpetual exchange built on Solana. It offers low swap fees and low price impact trades.
🌐 www.coingecko.com

🔗 ​Adrena Protocol — Three Months On | by Algo Rhythmic - Medium​
📄 First on 18 November, the Adrena DAO voted to lift the soft cap from 10 to 20 million and then again on 10 December from 20 to 30 million. This ...
🌐 medium.com

🔗 ​Adrena ADX Rallied 130% Percent In September, A Deep Dive​
📄 Adrena ADX rallied more than 130% in September driven by driven by DAO incentives, low token float, and Solana ecosystem momentum.
🌐 99bitcoins.com

🔗 ​gm @AdrenaProtocol This is how we DAO. For those that constantly ...​
📄 Screenshot of Adrena DAO web interface on Solana with sections for proposals, treasury of 217 · 3. 1. 22. 971 · · Explore Trending Stories ...
🌐 x.com

🔗 ​Adrena Protocol: A perp DEX on Solana with $ADX rewards - LinkedIn​
📄 Turns out, Adrena is a perp DEX on Solana that's been gaining solid traction lately. This is a great example of why integrations and ...
🌐 www.linkedin.com

to trade assets like Bitcoin, Solana, and meme favorites such as BONK with up to 100x leverage. It operates on a peer-to-pool model, meaning liquidity comes from pooled assets rather than direct peer-to-peer matches, which helps keep fees low and trades efficient. The project's governance token, $ADX, empowers holders to vote on key decisions

- Adrena Protocol operates as a perpetuals DEX on Solana, offering decentralized peer-to-pool trading for assets like BTC, SOL, and BONK with up to 100x leverage.
through the DAO.

But lately, things have gotten intense. According to the thread, Adrena has faced what Whale's Friend calls the "governance pressure trilogy": the founding team running

- The thread mentions ICM Standard as a framework for evaluating DAO governance, so checking for more details on it in the Solana ecosystem.

📊 Results requested: 20

🔗 ​ICM: The Core Narrative of Solana's Strategic Upgrade​
📄 ICM.RUN is a decentralized incubation platform built on the ICM philosophy, aiming to create an open startup and funding ecosystem within Solana ...
🌐 coinwofficial.medium.com

🔗 ​Solana Internet Capital Markets - Token Ventures​
📄 ICM is built on the ability to easily create and transfer any asset. Solana has become the de facto standard for this function. Each month, 1.8 millio...
🌐 token-ventures.com

🔗 ​ICM: The Core Narrative of Solana's Strategic Upgrade | Bitget News​
📄 Accepted projects must allocate about 1% of their token supply to the DAO treasury for future proportional distribution to ICM token holders.
🌐 www.bitget.com

🔗 ​Market Spotlight: Structured ICOs Return With MetaDAO ... - CoinDesk​
📄 Built on Solana, MetaDAO's system ensures that project treasuries remain DAO-controlled, with all spending and structural changes subject to ...
🌐 www.coindesk.com

🔗 ​ICM: The core narrative of Solana's strategic upgrade - Odaily​
📄 The first tier is the incubation layer, where a DAO selects projects through mentor voting and shares early token rewards. The second tier is ...
🌐 www.odaily.news

🔗 ​Realms - The Home of Solana DAOs (@realmsdaos) / Highlights / X​
📄 You can catch the full episode 01 below, where we chatted about @JupiterExchange & @jup_dao and how it falls under the lens of an icm standard. Realms...
🌐 x.com

🔗 ​ICM narrative: problems with token launches and early investors​
📄 Institutional Staking and DAO Treasury Strategies Are Evolving on Solana Institutional interest in Solana staking is accelerating, and DAO ...
🌐 www.linkedin.com

🔗 ​Solana's Strategic Shift to Internet Capital Markets | Phemex News​
📄 Solana is pivoting towards Internet Capital Markets (ICM) to transform the internet into a value layer, as detailed in a July 2025 roadmap.
🌐 phemex.com

🔗 ​Internet Capital Market ICM: A new trend or just another meme hype?​
📄 The current leader of the ICM ecosystem is Believe App (formerly Clout) on Solana. This platform allows founders to directly issue their own ...
🌐 www.panewslab.com

🔗 ​ICM: The Core Narrative of Solana's Strategic Upgrade - ChainCatcher​
📄 Accepted projects must allocate about 1% of their token supply to the DAO treasury for future proportional distribution to ICM token holders.
🌐 www.chaincatcher.com

low on funds (known as "runway" in startup speak), a big shake-up in tokenomics (how the token's supply, distribution, and economics work), and proposals from outside teams to step in and

- ICM Standard refers to Internet Capital Markets on Solana, serving as a lens for assessing DAOs through strategic upgrades and decentralized incubation.
handle future development. These are classic challenges for DAOs, where community governance meets real-world pressures.

Breaking Down the Issues

First up, the funding crunch. DAOs often rely on treasury funds or revenue shares to support ongoing development. In Adrena's case, a proposal is on the table to allocate 10% of the DAO's revenue share to the foundation for maintenance costs. This kind of move is common when teams need to cover expenses but can spark debates about centralization versus sustainability.

Then there's the tokenomics adjustment. Recent votes have lifted the soft cap on token supply—first from 10 million to 20 million, then up to 30 million. These changes can dilute existing holders' stakes but might be necessary to incentivize growth or reward contributors. It's a delicate balance, and not everyone agrees on the best path.

Finally, the stewardship proposal from an external group called Autonom suggests entrusting them with overseeing the protocol moving forward. This could mean a shift in control, raising questions about token-holder protections and whether the DAO is truly decentralized.

The ICM Standard Evaluation

The upcoming episode, set to go live on Thursday at 10:00 AM UTC right here on X (formerly Twitter), will evaluate Adrena through the lens of the ICM Standard. ICM stands for Internet Capital Markets, a framework gaining traction on Solana for assessing DAO health and investor confidence. It looks at how well a project handles governance, protects stakeholders, and adapts to challenges—exactly what's playing out at Adrena.

Whale's Friend and the Realms team will compare Adrena's responses to ideal practices under ICM, spotlighting where protections worked and where they fell short. They'll also draw parallels with competitors like FlashTrade, which have navigated similar issues.

Why This Matters for Meme Token Enthusiasts

While Adrena isn't a pure meme token, its integration with Solana's vibrant ecosystem—including support for BONK trading—makes it relevant. Solana's speed and low costs have fueled the meme token boom, but sustainable governance is key to long-term success. Episodes like this offer valuable lessons: How do you spot red flags in a DAO? When should holders push back on changes?

If you're holding $ADX or eyeing Solana projects, tune in live or catch the replay on YouTube, Spotify, or other platforms. It's a chance to learn from real-time DeFi drama and maybe even decide if Adrena is worth your investment.

For more on Adrena, check out their official site at adrena.xyz. And stay tuned to Meme Insider for the latest on Solana's meme and DeFi scenes—we're here to help you navigate the wild world of blockchain.