Solana Shatters Transaction Records Amid Broad Market Correction

Solana's network usage continued to soar in Q1 2026, despite a broad market correction that weighed on altcoins. According to Messari's State of Solana report, the blockchain processed an average of 112.6 million non-vote transactions per day, a record high and a 50% increase from the previous quarter.

This milestone surpasses the previous record set in Q2 2025 by 15%. However, the token price didn't follow suit, declining 33% over the quarter to close near $83. Chain GDP, Messari's measure of total application revenue, remained essentially flat at $342.2 million.

The growth was largely driven by tokenized assets, with real-world asset market cap on Solana growing 43% to $2.01 billion. BlackRock's BUIDL fund doubled to $525 million after Anchorage added custody support. Stablecoin market cap held at roughly $14.85 billion as its composition shifted toward USDT, USD1 and PYUSD.