Solana Q1 Performance Under Pressure: Revenue Plunges 68% Year-on-Year, Developer Count Drops by 30%

According to BroadChain, at 19:30 on April 20, as reported by PANews, the total fees on the Solana network in the first quarter of 2026 amounted to $89.9 million, a slight decrease of 1.4% quarter-on-quarter and a significant drop of 68% year-on-year, marking the lowest level since the third quarter of 2023. Among these, base fees fell by 9.4% year-on-year, while Jito tips (MEV) plummeted by 72.3% year-on-year. The network's actual annualized on-chain yield averaged 0.17%, representing a 67% decline year-on-year. The total fees generated by top on-chain applications (network GDP) reached $451 million, down 54% year-on-year. The number of active developers decreased by approximately 30% compared to the same period last year. The total stablecoin supply stood at $159 billion, an 18% increase year-on-year but a 2.7% decrease quarter-on-quarter. Daily DEX trading volume averaged $3.2 billion, down 4% year-on-year. Although the number of new tokens created on the Pump Fun platform increased by 21% year-on-year to 3 million, and SOL staking grew by 10.8% year-on-year to 426.4 million (accounting for 74.4% of the circulating supply), the average cost to generate $1 of actual economic value on the network rose by 93% year-on-year to $8.10, with a net dilution rate (annualized) of 4.38%. The data indicates that as market speculation has significantly subsided, Solana network revenue and activity are undergoing a cyclical adjustment.