Essential Insights
- Solana hit record daily transaction numbers (112.6M), even as its price fell 33%, showing high network activity despite market downturns.
- Application revenue remained steady at around $342 million, with standout growth from Pump.fun (+17%) and Axiom (+36%), driven by trending meme coin activity.
- Real-world assets on Solana surged 43% to $2.01 billion, including tokenized US stocks and ETFs, highlighting a shift towards tangible assets.
- Despite a fall in DeFi TVL by 22%, network validator fees stayed stable, and key metrics like application revenue and real-world assets emphasize ongoing activity amidst price dips.
Record Activity on Solana Despite Price Drop
Increasing Transactions Despite Decline
Recently, a new report revealed that Solana’s network experienced its highest daily transaction count ever. In the first quarter of 2026, the network processed an average of 112.6 million non-vote transactions per day. This number is 50% higher than the previous quarter and 15% above the previous record set in mid-2025. Despite Solana’s SOL token losing about 33% of its value in the first three months of 2026, activity on the network increased significantly. This suggests that users continue to make transactions, regardless of price declines. The total application revenue on Solana remained steady at around $342 million, with some applications seeing notable gains.
Application Revenue and Market Trends
Some apps contributed to Solana’s stable revenue. Pump.fun, the largest income source, earned $124.7 million, a 17% rise from the previous quarter. Another app, Axiom, which specializes in trading, had a 36% increase, bringing in $42.4 million. Also, a new launchpad called Bags saw its revenue skyrocket by 1,347% to $11.5 million in January. This surge was driven by meme coin trading linked to AI projects. However, that momentum faded quickly, and Bags’ revenue dropped 85% in February. Meanwhile, the total value locked in decentralized finance (DeFi) on Solana fell 22%, reflecting the price decrease rather than user activity loss. The total fees and tips paid to validators, called Real Economic Value, decreased just 1% to $89.5 million. This positions Solana as the second-largest network in terms of validator income, behind only Hyperliquid.
Growing Real-World Asset Market
One of the key stories from this period is the growth of real-world assets (RWAs) on Solana. The market for tokenized real assets increased 43% from the previous quarter to reach over $2 billion. BlackRock’s BUIDL fund doubled in value to more than $525 million, aided by custody support from Anchorage Digital. Additionally, Ondo Finance launched over 200 tokenized US stocks and ETFs, including shares tied to BitGo’s IPO. The stablecoin market remained sizable, with a total cap just under $15 billion. USDC saw a 21% decrease to $7.83 billion, but USDT increased by 34% to nearly $2.9 billion. Notably, the stablecoin issued by World Liberty Financial jumped 473% to $883.5 million, mainly after Binance moved customer holdings onto Solana.
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