Solana still leads blockchain revenue despite sharp drop in transaction activity

Solana is holding onto its spot at the top of blockchain revenue rankings, even as activity on its network takes a major hit.

According to new data from Blockworks Research on April 17, Solana’s decentralized applications (dApps) now generate over 70% of all on-chain revenue, a significant share of the blockchain economy.

This comes despite an 80%+ drop in memecoin activity, which had previously fueled much of the network’s surge.

Additional data from Syndica supports the trend: Solana-based dApps accounted for 46% of total on-chain revenue across all networks in March, signaling continued dominance in real economic value generation.

But the broader picture is more mixed. Total network revenue on Solana has plunged over 90% since January, falling back to levels last seen in July 2024.

The main reason? Collapsing transaction fees and fading interest in speculative tokens. According to DeFiLlama, Solana is now earning under $5 million in weekly fees, its lowest mark since September 2023.

The crash of high-profile memecoins like LIBRA, a politically charged token that had fueled a frenzy of on-chain speculation has been a major driver behind the decline. As that hype fades, attention is turning to whether new apps and use cases can reignite user engagement and sustain Solana’s revenue dominance.

Despite the slowdown, Solana remains the most profitable blockchain by far. But with activity shrinking, the pressure is on for developers to deliver the next wave of high-utility applications.