Solana’s applications revenue was remarkably constant at more than $342million despite weaker conditions on the market.
SOL dropped 33% to $83 in the first quarter of the year 2026, but Messari’s Q1 State of Solana Report tells an interesting story. The price chart is misleading.
Although dollar-denominated figures dropped, the network achieved new daily records, expanded its real-world market cap from $1 billion to $2 billion, while barely changing the validator revenue.
Record Activity, Shrinking Prices
This is the headline figure for report The new record for the average number of non-voting transactions per day was 112.6 millions, an increase of 50% over the previous quarter. This is 15% higher than the old record from Q2 2025.
This means there have been more Solana transactions per day than any other time in its history. It is clear that the decline in price does not match the increase in transactions. Messari calls this total revenue the Chain GDP. It remained almost unchanged at $342.2 millions, just a fraction above Q4’s previous $341.8million.
Per the report, Pump.fun is still the largest single revenue source at $124.7 million, an improvement of 17% quarter-over-quarter. Axiom was a trading application that came in second with a jump of 36%, earning $42.4 million.
But the biggest mover, Bags, was an app that allows social media users to split trading fees. The company’s revenues increased 1,347%, to $11.5million after the trading of meme coins that were tied to AI open-source projects grew in January.
Bags revenue dropped 85% in February compared to the previous month, a sign of just how fast new activities can be cycled through Solana.
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DeFi TVL, on the other hand fell by 22% to $6.16 Billion, almost exactly in line with SOL’s share price. dip It is more important to see a meaningful decrease in users than a significant increase. Solana’s share of the total DeFi TVL barely changed, moving from 6.9% down to 6.7%. Kamino, however, took over as top protocol with $1.72bn, beating Jupiter’s $1.69bn.
Drift’s performances were affected by the $285,000,000 exploit It is believed that a highly sophisticated social engineering scheme linked to North Korean threats actors with state affiliations was responsible.
The report showed that Real Economic Value (which is essentially the MEV and fees paid to validators) fell by just 1%, to $89.5 Million. Solana was ranked second in the network rankings, just behind Hyperliquid at $156 million.
RWAs Lead the Way
Real-world assets were the story that defined Q1 outside of the backdrop of bear markets. Solana’s market value grew by 43% to $2.01 Billion.
BlackRock BUIDL’s tokenized funds grew to $525.4 after Anchorage Digital’s addition of custody. By the third quarter, the fund’s assets had doubled.
Meanwhile, Ondo Finance launched Solana offers more than 200 tokenized US stock and ETFs, including a tokenization on the same day of BitGo’s NYSE IPO.
Finaly, although the market capitalization of stablecoins on the platform was just below $15 billion, its composition has changed. USDC dropped 21%, but still remains at the top of the list with 53%. USDT rose by 34% and now accounts for $2.89 Billion.
Binance’s reallocation of customer holdings from Binance to Solana was a major factor in the USD1 increase for World Liberty Financial.
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Source: cryptopotato.com
