Solana Sees Revenue Plunge, But Stablecoins and Tokenized Assets Fuel Growth

Solana's first-half 2026 earnings reported an 87.1% year-over-year decline, falling from $1.09 billion to $141 million.

This drop in revenue was largely driven by a decrease in memecoin trading activity, which accounted for 95% of Solana's revenue in the first half of 2025 but only 16% in the same period this year.

However, other assets such as stablecoins and tokenized real-world assets (RWAs) saw significant growth, with stablecoin swaps climbing from 6% to 19% of trading volume and RWAs growing from 7% to 97% of spot DEX RWA volume globally in the first half of this year.

The network's dominance in tokenized equity trading is also a key factor, with Solana capturing 97% of onchain spot tokenized equity market share and recording $4.9 billion in trading volume in the first half of 2026, a sixfold increase from just six months prior.