Solana Leads Blockchain Revenue Despite 90% Drop in Memecoin Activity
Despite a major drop in memecoin activity, Solana still dominates blockchain revenue, contributing over 70% of all on-chain earnings.
Solana's memecoin traffic has fallen by more than 80%, yet the network’s decentralized apps (dApps) continue to generate the majority of blockchain revenue. March data shows Solana apps made up 46% of total earnings across all blockchains, and recent reports indicate it still accounts for over 70% of on-chain revenue.
Overall revenue on Solana has dropped over 90% since January, returning to levels last seen in mid-2024. This slump is largely due to falling transaction fees and the collapse of high-profile memecoins like LIBRA, which had driven a wave of speculative activity.
With memecoin hype fading, Solana’s future earnings may depend on new dApp development and broader use cases to sustain momentum.
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