So, Solana. Yeah, it’s still sitting pretty at the top of the blockchain revenue leaderboard, despite the fact that the network’s been on a sudden, sharp decline lately. Think of it as the king of a very empty, quiet castle.
According to the very authoritative sages over at Blockworks Research (with a paywall to match), even though memecoin activity has plummeted by a ridiculous 80%, Solana-based apps are still raking in over 70% of the total on-chain revenue. Yes, really. Who knew?
From behind the @blockworksres paywall — Ryan Connor | BWR 🟪 (@_ryanrconnor) April 17, 2025
Just to add more glitter to the Solana pie, Syndica came along with a recent report showing that in March, Solana’s decentralized apps alone were responsible for a solid 46% of all on-chain revenue. Oh, and did I mention they’re beating Ethereum and BSC at their own game? Yes, folks. Solana is that guy at the party who’s both early and has a better snack selection.
3/ @Solana commands 46% of total Web3 DApp revenue in March.
Leading Ethereum, BSC, and Hyperliquid–Solana remains the chain of choice for high-return projects seeking a chain to build on.
— Syndica ☀️ (@Syndica_io) April 17, 2025
But don’t get too comfortable. The plot thickens. The revenue numbers are, shall we say, complicated. Solana’s total network earnings have nosedived by over 90% since the soaring highs of January. It’s like a financial roller coaster, but not in a fun, adrenaline-pumping way. More like the kind that makes you question your life choices. It’s now at the revenue levels it had back in July 2024. It’s like re-watching your old reality show, but with fewer views and a lot more regret.
What’s causing this sudden dip? Well, transaction fees have taken a nosedive. DeFiLlama, who’s basically the financial watchdog for crypto, says that Solana is now making less than $5 million in weekly fees. A far cry from its glory days, and the lowest it’s been since September last year. Ouch.
And let’s not forget the memecoins. Remember LIBRA? Oh, the good old days when people were acting like the next big thing was just a meme. They had all the drama, the hype, and the strange political connections — but guess what? The hype fizzled faster than a soda left out in the sun. And with that, so did Solana’s once-booming revenue.
Now, Solana’s still hanging in there, trying to hold the crown, but the question is: can it keep the throne without a memecoin army? The coming months will be telling, and staying on top in this ever-shifting crypto universe is no easy task. So, while Solana is in the lead right now, it’s not exactly a stroll in the park ahead.
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2025-04-18 16:19