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>>Report: Solana activity reaches a record high even though SOL fell 33% in the first quarter.

Report: Solana activity reaches a record high even though SOL fell 33% in the first quarter.

crypthub

about 23 hours ago

Record Transaction Volume

SOL fell 33% to about $83 in Q1 2026, yet average daily non‑vote transactions reached a record 112.6 million, 50% higher than the previous quarter. The surge indicates network usage outpacing price decline. Chain GDP stayed almost flat at $342.2 million, just above the prior quarter’s level.

Application Revenue Shifts

Pump.fun remained the top earner with $124.7 million, up 17%, while Axiom earned $42.4 million, a 36% increase. The Bags launchpad’s revenue exploded 1,347% to $11.5 million before an 85% month‑over‑month drop, highlighting rapid activity cycles. DeFi TVL slipped 22% to $6.16 billion, mirroring SOL’s price dip, and Solana’s share of total DeFi TVL held steady near 6.8%.

Validator Fees and Network Position

Real Economic Value (validator fees plus MEV) fell only 1% to $89.5 million, keeping Solana second among blockchains behind Hyperliquid. Kamino reclaimed the DeFi lead with $1.72 billion TVL, narrowly ahead of Jupiter. A $285 million exploit hit Drift, attributed to North Korean‑linked actors, but overall validator revenue stayed largely unchanged.

Real‑World Asset Expansion

RWA market cap grew 43% to $2.01 billion. BlackRock’s BUIDL fund doubled to $525.4 million, with Anchorage custody holding about 81% of its supply. Ondo Finance tokenized over 200 U.S. stocks and ETFs, including BitGo at its IPO. Stablecoin composition shifted: USDC fell 21% to $7.83 billion, USDT rose 34% to $2.89 billion, while World Liberty Financial’s USD1 surged 473% to $883.5 million after Binance reallocated holdings.