Solana Revenue Falls 87%, But Tokenized Equities and Stablecoins Drive Growth

Solana's revenue plummeted by 87% in the first half of 2026, from $1.09 billion to $141 million, according to a report by 21Shares. This decline is largely attributed to a decrease in memecoin trading activity, which drove most of Solana's revenue in the previous year.

Memecoins generated high fees due to intense, short-burst demand for block space, but this activity has since faded with the speculative demand. As a result, priority fees and Jito tips, which accounted for 95% of Solana's revenue in H1 2025, have also receded.

However, there is a silver lining to this decline: a shift towards real-world use cases such as tokenized equities and stablecoin settlement. Solana now dominates spot trading, with its share of onchain trading of tokenized RWAs growing from 7% in H1 2025 to 97% in H1 2026.

The network's revenue base is diversifying into more durable and higher-quality sources, such as stablecoin settlements. Stablecoins under management on Solana grew by 51% YoY, with the network settling over 22.5% of all global stablecoin transactions in H1 2026.