Why does Solana remain a leader, even as the memecoin buzz fades away?
Consider this: while memecoin activity on Solana has plummeted by nearly 90%, the network continues to dominate blockchain revenue. Yes, you read that right—over 70% of all profits in the blockchain ecosystem now flow through Solana.
So, what's going on? The initial hype around meme tokens like LIBRA has clearly diminished. Transaction fees have dropped, and speculative trading has become a rarity. Since January, Solana's earnings have fallen by over 90%, bringing its revenue back to mid-2024 levels.
Here’s the twist: Solana's primary source of income isn’t memecoins—it’s decentralized applications (dApps). In March alone, 46% of revenue across all blockchains came from applications built on Solana. Even now, after the memecoin bubble has burst, these dApps still generate more than 70% of the network's revenue.
So, Solana’s staying power isn’t driven by fleeting trends; it’s sustained by functional and impactful technology—and that’s impressive.
But now the real question arises: Can Solana maintain its lead if it fully transitions to focusing on dApps and leaves memes behind?
