Solana’s software income has remained surprisingly secure at over $342 million, regardless of weak market circumstances.
SOL fell 33% in Q1 2026 to shut at round $83, however Messari’s Q1 Solana State report tells a narrative that’s tougher to disregard than the worth chart suggests.
Though the greenback numbers declined total, the community set a brand new report for every day buying and selling quantity, real-world asset market capitalization elevated to greater than $2 billion, and validator income remained largely unchanged.
Document exercise, decrease costs
heading numbers report This can be a new report excessive for common non-vote transactions per day at 112.6 million, a rise of fifty% from the earlier quarter and 15% increased than the earlier report set in Q2 2025.
Which means that extra transactions occurred on Solana every day within the first quarter than at any level within the community’s historical past, which clearly contradicts the worth decline. In the meantime, Chain GDP, Messari’s time period for complete software income, was practically flat at $342.2 million, barely increased than $341.8 million in This autumn 2025.
Pump.enjoyable stays the biggest single income at $124.7 million, a 17% quarter-over-quarter enchancment, in response to the report. In second place was buying and selling app Axiom, which rose 36% to $42.4 million.
However probably the most dramatic transfer was a launchpad known as “Luggage” that allowed customers to share their buying and selling charges with their social media accounts. Its income rose 1,347% to $11.5 million after a meme coin tied to an open supply AI venture sparked intense buying and selling exercise in January.
That momentum did not final, with Luggage’ income dropping 85% month-over-month by means of February. This episode was one other instance of how shortly new actions cycle by means of Solana’s software layer.
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DeFi TVL, then again, declined 22% QoQ to $6.16 billion, with this decline nearly straight monitoring SOL’s worth decline reasonably than a big exodus of customers. Solana’s share of total DeFi TVL remained largely unchanged from 6.9% to six.7%, however Kamino regained the highest spot because the protocol with $1.72 billion, forward of Jupiter’s $1.69 billion.
Drift’s efficiency was impacted by a $285 million exploit attributed to a classy social engineering operation related to North Korean state-affiliated risk actors.
When taking a look at actual financial worth (principally charges paid to validators and MEV chips), the report exhibits a lower of simply 1% to $89.5 million. This quantity places Solana in second place amongst all networks, behind Hyperliquid’s $156 million.
RWA takes the lead
If there was a narrative that outlined the primary quarter past the bear market backdrop, it was real-world belongings. Solana’s market noticed its worth enhance 43% sequentially to $2.01 billion.
BlackRock’s BUIDL tokenized cash market fund doubled to $525.4 million after Anchorage Digital added custody assist, with the latter holding roughly 81% of the entire provide on the community by the tip of the quarter.
In the meantime, Ondo Finance launched over 200 tokenized US shares and ETFs on Solana, together with the same-day tokenization of BitGo inventory on the day of the corporate’s NYSE IPO.
Lastly, whereas the market capitalization of stablecoins on the platform remained at slightly below $15 billion, its composition has modified. USDC decreased by 21% to $7.83 billion, however remained the biggest at 53% of the entire, whereas USDT elevated by 34% to $2.89 billion.
On the similar time, World Liberty Monetary’s USD 1 rose 473% to $883.5 million, primarily because of Binance reallocating buyer holdings to Solana.
