Solana Surges Past Base in x402 Activity, Generates $143M in App Revenue
Solana's latest growth story is one of unexpected success. After months of dominance by Base in x402 activity, Solana has pulled ahead, handling the majority of transactions and volume for the payment protocol that allows AI agents and apps to use stablecoins for online services.
According to data from Artemis, there was a significant jump in weekly x402 transactions and volume, with Solana leading the way. This is the first time Solana has overtaken Base in both transaction count and volume for x402.
Solana's rise in x402 activity comes as the network also ranked first in app revenue during August, generating $143 million in revenue and accounting for 38% of total on-chain app earnings. This puts Solana ahead of Ethereum, Base, and Hyperliquid L1 in terms of app revenue.
Despite this growth, there is uncertainty surrounding Solana's future supply growth, as validators approved a proposal that may cut new SOL issuance by 18.9 million over the next six years. However, supply growth alone does not guarantee price movement, and demand will still be a major factor in determining the success of Solana.
Solana's price has been steady after coming back from the depths of $70 to above $100 in late August, and is now in a consolidation phase near $104. The RSI was above neutral, indicating that buyers still have control, but the indicator has slowed down recently.