{"id":3350,"date":"2026-05-25T20:51:33","date_gmt":"2026-05-25T20:51:33","guid":{"rendered":"https:\/\/blog.coinsignals.net\/?p=3350"},"modified":"2026-05-25T20:51:33","modified_gmt":"2026-05-25T20:51:33","slug":"report-solana-activity-reaches-record-levels-despite-sols-33-first-quarter-decline","status":"publish","type":"post","link":"https:\/\/blog.coinsignals.net\/index.php\/2026\/05\/25\/report-solana-activity-reaches-record-levels-despite-sols-33-first-quarter-decline\/","title":{"rendered":"Report: Solana Activity Reaches Record Levels Despite SOL\u2019s 33% First Quarter Decline"},"content":{"rendered":"\n
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Solana\u2019s application revenue remained impressively resilient at more than $342 million despite softer market conditions.<\/p>\n\n\n\n

SOL dropped 33% during the first quarter of 2026, closing at roughly $83. However, Messari\u2019s Q1 State of Solana report presents a far more complex picture than the token\u2019s price performance alone suggests.<\/p>\n\n\n\n

Although dollar based metrics declined across several areas, the network achieved new highs in daily transaction volume, expanded its real world asset market capitalization beyond $2 billion, and maintained relatively stable validator revenue.<\/p>\n\n\n\n

Record Network Activity Amid Falling Prices<\/strong><\/p>\n\n\n\n

One of the report\u2019s standout figures was the network\u2019s average daily non vote transactions, which climbed to a new all time high of 112.6 million. This marked a 50% increase from the previous quarter and stood 15% higher than the earlier record set in Q2 2025.<\/p>\n\n\n\n

The data indicates that Solana processed more daily transactions in Q1 than at any other point in its history, despite the sharp decline in SOL\u2019s price.<\/p>\n\n\n\n

Meanwhile, Chain GDP, Messari\u2019s metric for total application revenue, remained nearly unchanged at $342.2 million, slightly above the $341.8 million recorded in Q4 2025.<\/p>\n\n\n\n

According to the report, Pump.fun continued to dominate as the network\u2019s largest revenue generator, bringing in $124.7 million, which represented a 17% quarter over quarter increase. Trading application Axiom followed in second place after posting a 36% rise in revenue to $42.4 million.<\/p>\n\n\n\n

The most significant surge came from Bags, a launchpad platform that allows users to share trading fees with social media accounts. Its revenue skyrocketed 1,347% to $11.5 million as meme coins linked to open source AI projects fueled heavy trading activity in January.<\/p>\n\n\n\n

However, that momentum faded quickly. Bags\u2019 revenue plunged 85% month over month by February, highlighting how rapidly new trading trends move through Solana\u2019s application ecosystem.<\/p>\n\n\n\n

At the same time, DeFi total value locked declined 22% quarter over quarter to $6.16 billion. The drop largely mirrored SOL\u2019s falling price rather than indicating a major decline in user participation.<\/p>\n\n\n\n

Solana\u2019s share of total DeFi TVL remained relatively stable, slipping only slightly from 6.9% to 6.7%. Kamino regained the top protocol position with $1.72 billion in TVL, narrowly surpassing Jupiter at $1.69 billion.<\/p>\n\n\n\n

Drift also faced challenges following a $285 million exploit reportedly tied to an advanced social engineering attack connected to North Korean state affiliated threat actors.<\/p>\n\n\n\n

The report further noted that Real Economic Value, which measures validator fees and MEV tips, decreased by only 1% to $89.5 million. This placed Solana second among blockchain networks, trailing only Hyperliquid, which generated $156 million.<\/p>\n\n\n\n

Real World Assets Emerge as a Major Growth Driver<\/strong><\/p>\n\n\n\n

Beyond the broader bearish market environment, real world assets became one of Solana\u2019s strongest growth narratives during Q1.<\/p>\n\n\n\n

The value of RWAs on the network increased 43% quarter over quarter, reaching $2.01 billion.<\/p>\n\n\n\n

BlackRock\u2019s BUIDL tokenized money market fund doubled in size to $525.4 million after Anchorage Digital introduced custody support. By the end of the quarter, Anchorage Digital reportedly held around 81% of the token\u2019s total on chain supply.<\/p>\n\n\n\n

Meanwhile, Ondo Finance launched more than 200 tokenized US stocks and ETFs on Solana. This included the same day tokenization of BitGo stock during the company\u2019s NYSE IPO.<\/p>\n\n\n\n

Although the platform\u2019s stablecoin market capitalization remained just below $15 billion, the market composition shifted notably.<\/p>\n\n\n\n

USDC declined 21% to $7.83 billion but still accounted for 53% of the total stablecoin supply on Solana. In contrast, USDT rose 34% to $2.89 billion.<\/p>\n\n\n\n

At the same time, World Liberty Financial\u2019s USD1 surged 473% to $883.5 million, largely driven by Binance reallocating customer holdings onto the Solana network.#crypto#cryptonewshttps:\/\/coinsignals.net<\/a> https:\/\/t.me\/coinsignalpublic<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Solana\u2019s application revenue remained impressively resilient at more than $342 million despite softer market conditions. SOL dropped 33% during the first quarter of 2026, closing at...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3350","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/3350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/comments?post=3350"}],"version-history":[{"count":1,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/3350\/revisions"}],"predecessor-version":[{"id":3352,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/3350\/revisions\/3352"}],"wp:attachment":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/media?parent=3350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/categories?post=3350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/tags?post=3350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}