Solana continues to top the charts when it comes to blockchain revenue, even as overall activity on the network has slowed down sharply in recent weeks.
Data from Blockworks Research shows that despite an over 80% drop in memecoin activity from its peak, Solana-based applications are still generating more than 70% of the total on-chain revenue across the entire crypto ecosystem.
That dominance was further backed by a recent report from Syndica, which revealed that Solana’s decentralized apps were responsible for 46% of all on-chain revenue in March alone.
However, the revenue numbers tell a more complicated story. Solana’s total network earnings have plunged more than 90% from the highs it recorded in January. Solana’s revenue has slipped to where it was back in July 2024, pointing to a clear dip in how actively people are using and engaging with the network.
Falling transaction fees, which have suffered significantly in recent weeks, are largely responsible for this decline. According to DeFiLlama, the network is now bringing in less than $5 million in weekly fees — its lowest level since September last year.Â
Another big factor has been the fall of headline-making memecoins like LIBRA. These tokens once stirred up wild speculation, thanks in part to their ties with political figures, but the hype didn’t last. As the hype died down, the buzz that once fueled the network began to fade, too.
With the memecoin wave behind it, Solana’s grip on on-chain revenue now depends on whether new apps and practical use cases can take the spotlight. It’s still leading the charge for now, but staying on top in a changing market won’t be a walk in the park.
Also Read: Galaxy Research Proposes Change to Solana Inflation Model
