Solana Revenue Plummets 87.1% Amid Shift to Stablecoins and Real-World Assets

The Solana network's revenue plummeted by 87.1% year-over-year in the first half of 2026, dropping from $1.09 billion to $141 million.

This decline is attributed to the end of the speculative cycle driven by memecoins that dominated the network during the same period last year.

The report by 21Shares notes that priority fees and Jito tips concentrated 95% of the network's revenues, representing artificial demand for block space that inflated revenue metrics.

However, despite the decline in revenue, the report highlights a shift in the composition of activity on the network. Stablecoins climbed from 6% to 19%, while general Solana trading grew from 41% to 53%