Solana Revenue Tanks 93%: Meme Coin Market Freefall—Network Earnings Suffer

• Solana’s revenue has dropped 93% as meme coin trading activity fades.
• Solana’s DeFi TVL fell by 50%, reflecting broader network decline.
• New governance proposal aims to adjust SOL token emissions based on staking.

Solana’s on-chain revenue has fallen over the past two months as the meme coin frenzy that boosted its network’s success has cooled off. In January, Solana’s weekly revenue hit an all-time high of $55.3 million, driven by a surge in meme coins. 

However, new data shows that revenue has tanked 93%, down to around $4 million in the past week, the lowest level since September. This revenue drop is a bombshell for Solana..

Besides the revenue dip, Solana’s weekly decentralized application (DApp) revenue has also decreased, dropping by about 86%. DApp revenue fell from $238 million in mid-January to $32 million in recent weeks. These are significant hits to Solana’s ecosystem.

DeFi Sector Takes a 50% Plunge

These losses are happening as Solana’s decentralized finance (DeFi) sector declines, with total value locked (TVL) in DeFi projects falling by 50%. 

TVL dropped from over $12 billion in January to around $6.4 billion today. This De…

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