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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Solana defies activity drop, dominating 70% of blockchain revenue

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Solana continues to top blockchain revenue charts, even as activity on its network drops sharply.

Data from Blockworks Research reveals that while memecoin activity on Solana has dropped by over 80% from its peak, the network’s applications still account for more than 70% of all on-chain revenue across the ecosystem.

Solana Applications Revenue
Solana Applications Revenue (Source: X/Ryan Connor)

This trend is further supported by findings from Syndica, which reported that Solana-based decentralized applications (dApps) generated 46% of total on-chain revenue across all networks in March.

Solana Revenue
Solana’s Blockchain Revenue in March (Source: Syndica)

While Solana still holds the lion’s share of on-chain earnings, its total network revenue has plunged more than 90% from the highs recorded in January. The current figures reflect a return to July 2024 levels, signaling a slowdown in network activity and user engagement.

The sharp decline is mainly tied to lower transaction fees. According to DeFiLlama data, Solana now collects under $5 million weekly fees, marking its weakest performance since September last year.

Solana Fees
Solana Weekly Fees (Source: DeFiLlama)

A key factor behind this decline is the collapse of several headline-grabbing memecoins, such as LIBRA, which was linked to key political figures and drove massive speculation on the blockchain network.

With the frenzy for these tokens fading, the blockchain’s future revenue performance may depend on whether new apps and use cases can fill the gap left by memecoins.

The post Solana defies activity drop, dominating 70% of blockchain revenue appeared first on CryptoSlate.

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