Even with a significant drop in memecoin activity, Solana continues to dominate revenue generation in the blockchain sector.
Recent data released from Blockworks Research shows that despite a decline of more than 80% in transaction volume linked to speculative tokens, network applications are still responsible for more than 70% of all on-chain revenue.
In March, infrastructure firm Syndica reported that dApps built on Solana alone generated 46% of the total on-chain revenue across all blockchains.
These numbers put Solana in a strong position, even at a time when the network’s overall activity is slowing down.
Still, blockchain’s financial gains are well below what was seen at the start of the year.
According to the latest data, the network’s total revenue has fallen by more than 90% from its peak in January 2025, returning to levels seen in July of the previous year.
This drop is directly associated with the reduction in transaction fees. Information from DeFiLlama indicates that Solana’s weekly fee collection has fallen to less than $5 million, which represents the weakest performance since September last year.
The waning enthusiasm around memecoins like LIBRA — which gained notoriety after associations with political figures — is also a factor in the decline in network revenues.
The decline in the volume of these speculative transactions contributed to the cooling of activity and reinforced the need for diversification in the use of Solana’s infrastructure.