Solana’s network revenue and decentralized exchange (DEX) volume have significantly decreased in recent months as the excitement surrounding memecoins diminishes. This decline is mainly due to the reduced activity of Pump.fun, a leading memecoin launchpad that previously drove a surge in network engagement. During the peak of the memecoin craze in January, Solana’s weekly revenue reached $55.2 million as traders flocked to the network. However, according to DeFiLlama, there’s been a dramatic 97% drop, with revenue now at just $1.8 million this week—the lowest since September 2024.
This fall in revenue is accompanied by a significant reduction in trading volume. Solana’s weekly trading activities have plunged from over $97 billion at its height to just $5 billion, indicating waning interest in speculative memecoins. In January, Pump.fun was instrumental in launching 1.7 million tokens daily, with only a small fraction making it to DEXs. This high level of activity generated substantial fees, which greatly contributed to Solana’s revenue spike. However, as the memecoin frenzy subsided, Pump.fun experienced a sharp decrease in token launches.
The shift has been notable. Matthew Haddad of Omni Network highlighted that the platform recently recorded a 24-hour period without any new token graduations—a stark contrast to its previous bustling activity. This slowdown has directly impacted Pump.fun’s revenue, with weekly protocol fee earnings falling to $3.8 million as of March 16, marking the lowest level since September 2024, as per DeFiLlama.
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