Solana continues to top blockchain revenue charts, even as activity on its network drops sharply.

Data from Blockworks Research reveals that while memecoin activity on Solana has dropped by over 80% from its peak, the network’s applications still account for more than 70% of all on-chain revenue across the ecosystem.

This trend is further supported by findings from Syndica, which reported that Solana-based decentralized applications (dApps) generated 46% of total on-chain revenue across all networks in March.

While Solana still holds the lion’s share of on-chain earnings, its total network revenue has plunged more than 90% from the highs recorded in January. The current figures reflect a return to July 2024 levels, signaling a slowdown in network activity and user engagement.

The sharp decline is mainly tied to lower transaction fees. According to DeFiLlama data, Solana now collects under $5 million weekly fees, marking its weakest performance since September last year.

A key factor behind this decline is the collapse of several headline-grabbing memecoins, such as LIBRA, which was linked to key political figures and drove massive speculation on the blockchain network.

With the frenzy for these tokens fading, the blockchain’s future revenue performance may depend on whether new apps and use cases can fill the gap left by memecoins.

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