Pine Analytics

Pine Analytics is a Solana data and research firm. It is not Pine Labs, Pine BI or Pine Script, which are unrelated. Pine runs its own Solana indexer, which reads each instruction in each transaction. On top of it sit live dashboards for Solana apps and tokens, and monitors that flag odd moves on-chain. There is also an MCP link that lets AI tools such as Claude ask questions of the data. Pine posts free research on its Substack, including quarterly reports on big Solana apps. Jack Stewart founded it in September 2022. As of October 2026 the platform is freemium. Some dashboards are free with no account. A paid plan unlocks the rest and more AI usage.

How Pine Analytics works: its own Solana indexer

The Pine Analytics website says the company runs "its own Solana indexer, decoded down to the instruction level rather than wrapped around someone else's API." Pine adds its own hand-made labels on top. They tag wallets such as token deployers, insiders and bots. That way a chart can tell real users from bots.

This is a change from Pine's early days. Its first dashboards ran on shared query sites such as Flipside. Helius hSOL$114.47+2.7% once named Pine as a Solana research firm that uses on-chain dashboards to report on the network. Pine's 2026 reports now cite its own index. The Q3 2026 Jupiter report takes swap volume from "our own Solana transaction index". It uses DefiLlama and CoinGecko for perps revenue and prices.

Coverage is Solana only. The site makes no claim to cover other chains.

Pine Analytics dashboards and monitors

Dashboards give live coverage of Solana protocols and tokens: volumes, TVL, holders and flows. Anyone can browse the free dashboards at app.pineanalytics.xyz without an account. A paid plan unlocks the full catalogue. Teams that want a custom live dashboard for their own protocol can ask through the site's "Work With Us" page.

Monitors run anomaly detection around the clock on supply changes, swap flows and liquidity moves. The goal is to alert a team "the moment something moves", before the wider community notices.

Pine doesn't publish its prices. The site describes a free tier and a paid subscription, but has no public pricing page. The app itself sits behind a login.

Pine Analytics MCP: Solana data for Claude and AI agents

Pine offers Model Context Protocol (MCP) access. An AI agent or assistant can query Pine's decoded Solana data directly. The site's example is asking "what did this program do last week?" in Claude and getting an answer built from that data. Setup has three steps: create a free account, add the MCP endpoint to your AI tool, then upgrade if you need more. Free accounts come with trial credits, and paid plans raise the usage limit.

Pine Analytics research and quarterly reports

Pine's free research is the most visible part of the business. It is published on Pine's Substack, on X as @PineAnalytics and on a YouTube channel.

In autumn 2026 Pine began a run of Q3 2026 quarterly reports. So far it covers Raydium RAY$1.76+8.9% (5 October), Kamino Finance KMNO$0.037+12.2% (10 October), Collector Crypt (12 October), and Orca ORCA$1.47+0.4% and Jupiter JUP$0.261+4.4% (both 16 October). A Zcash report came out in September. Each one covers revenue, products, users, market share and token supply. Each ends with a note on sources and method. The Jupiter report put revenue at $17.0M, up 12% on Q2. In the same quarter, Jupiter's share of aggregator volume fell from 71% to 65%. We covered the Collector Crypt report, which found record $433.5M pack sales, mostly from a few big buyers.

Other notable reports:

• Where Prop AMMs Are Taking Solana (July 2026) argued that one factor decides whether proprietary AMMs dominate a trading pair: whether the asset can be hedged elsewhere. By Pine's index, prop AMMs held about 96% of wrapped ETH-to-stablecoin volume and about 0% for assets priced only on-chain.
• Tokenized Equities on Solana (June 2026) estimated that Solana captured about 97% of tokenized-equity spot volume in May 2026. That was roughly $869M on Solana against $24M on all other chains combined. The report also compared the legal structures of the four main issuers.
• SIMD-0286 analysis (July 2026): Pine measured the first 48 hours after Solana's block compute limit rose to 100M CU, which we wrote up as p90 fees falling 30%.

Pine also publishes "our thoughts on" essays about individual tokens and token sales, such as ORE, Omnipair and DualMint's raise. These are opinion pieces with a view on the token, not neutral data reports.

Pine Analytics validator and pineSOL

Pine also runs a Solana validator in its own name. It is listed on QuickNode's staking explorer, with an identity that starts "pine9r". In August 2024 Pine launched pineSOL, a liquid staking token made with Sanctum CLOUD$0.044+1.7%. Pine's Sanctum forum post says "all yield generated by pineSOL is channeled directly to the Pine team" to pay for its content. Anyone holding 1 pineSOL or more got a weekly market overview in Discord.

Staking with Pine is a way to back its work, not a way to get the most yield. To check its fees and track record, compare validators side by side.

Who Pine Analytics is for

• Solana protocol teams who want dashboards and alerts for their own protocol without building an indexer. A team that needs custom work has to contact Pine, as there is no self-serve custom build.
• Researchers, allocators and token holders who want free, sourced quarterly reports on large Solana protocols. Read the methodology sections, because the figures come from Pine's own index.
• Developers building AI agents who want to query decoded Solana data through MCP rather than writing their own parsers. Budgeting is hard without public pricing, so start on the free trial credits.

Pine is a poor fit if you need data on more than one chain, or SQL access you can audit and reproduce yourself.

Is Pine Analytics reliable? Risks and limitations

The data product is read-only. Using it never touches your funds, and Pine lists no on-chain programs of its own. The main risks are about the data and how independent it is.

• Hard to check the figures. The numbers come from a closed, proprietary index. The Jupiter report says Pine's rollup "differs from public dashboards", and the prop AMM report calls its own shares "floors" because some small venues are missing. Treat the figures as Pine's estimates and check headline numbers against a second source.
• Clients appear in the reports. The website lists Hivemapper HONEY$0.00180+9.5%, Tensor TNSR$0.027+13.0%, Flipside, Helius, Sky, Plasma and Jupiter as clients and partners. Pine's Q3 2026 Jupiter report carries no statement about whether Jupiter commissioned it or pays Pine.
• Research mixed with token calls. Pine's X feed and essays include trading views, such as a 12 October 2026 post saying it was "a good time to lighten up" on RAY. Treat these as opinion, not neutral analysis.
• No public pricing or terms. The site publishes no prices and links to no terms of service.
• Staking risk. pineSOL and the Pine validator carry the usual risks of a single validator: performance and commission are set by one operator.

Pine Analytics vs Dune, Flipside, Artemis and Blockworks Research

• Dune and Flipside give you SQL over shared blockchain tables, across many chains. They are better if you want to write and publish your own queries. Pine is better if you want ready-made Solana dashboards, decoded instructions and labelled actors without writing SQL.
• Artemis and Token Terminal offer standard financial metrics compared across chains and protocols. Pine goes deeper on Solana-specific behaviour, such as prop AMM venue share and wallet concentration, but only on Solana.
• Blockworks Research is a larger, paid research service with an analyst team. Pine's reports are free and Solana-only, from a smaller team.
• Solana Compass analytics: we publish free Solana network, staking and DeFi data on our own analytics pages. We are a separate company with no business relationship with Pine, and we have reported on Pine's findings.

Pine Analytics team and history

Jack Stewart founded Pine Analytics in September 2022. In June 2025 he applied to be a Drift delegate. In his Drift governance post, he said Pine makes "governance bots, dashboards, protocol reports, and automated content systems".

At first, Pine built its charts on shared query sites. It launched pineSOL with Sanctum in 2024. By 2026 it ran its own indexer, with paid dashboards and AI access on top. Apart from pineSOL, we found no Pine token.