Solana's Blockspace Frenzy Fades Amid Record Transaction Count

Solana processed an all-time high of 5.2 billion non-vote transactions in August, surpassing July's count by 19%. The milestone arrives with a notable change: gross network revenue, including fees and tips generated by network use, plummeted to $141 million in the first half of this year from $1.09 billion a year earlier.

The figures cover different periods. Transaction count captures the month ended Aug. 31, while revenue comparison covers the six months through June.

21Shares attributed the revenue decline to weaker competition for blockspace and changes in trading mix. Priority fees and Jito tips, extra payments routed through Solana's transaction-ordering infrastructure, produced 95% of H1 2025 gross revenue, split 40% and 55%. Memecoin traders paid those charges to move ahead in crowded blocks; that high-value fee stream contracted as the frenzy cooled.

The trading mix changed further. Memecoins fell from 40% of Solana spot trading volume in H1 2025 to 16% in H1 2026, while stablecoin swaps rose from 6% to 19%. 21Shares said the categories replacing memecoins generated less revenue per trade.