Solana’s utility income remained remarkably steady at over $342 million regardless of weaker market circumstances.
SOL fell 33% within the first quarter of 2026 to shut at round $83, however Messari’s Q1 State of Solana report tells a narrative that is tougher to dismiss than the value chart would recommend.
Whereas dollar-denominated numbers dropped throughout the board, the community set new information for each day transaction quantity, grew its real-world asset market cap to over $2 billion, and barely budgeted on validator income.
Document Exercise, Shrinking Costs
The headline determine from the report was the brand new all-time excessive for common each day non-vote transactions: 112.6 million, up 50% from the earlier quarter and 15% above the earlier document set in Q2 2025.
It signifies that extra transactions occurred on Solana daily in Q1 than at any level within the community’s historical past, which clearly sits at odds with the value decline. In the meantime, Chain GDP, which is Messari’s time period for complete utility income, stayed virtually flat at $342.2 million, fractionally above This fall 2025’s $341.8 million.
Per the report, Pump.enjoyable continues to be the biggest single income supply at $124.7 million, an enchancment of 17% quarter-over-quarter. In second place was Axiom, a buying and selling app, which recorded a 36% bounce, raking in $42.4 million.
Nonetheless, probably the most dramatic mover was a launchpad that lets customers share buying and selling charges with social media accounts, known as Baggage. Its income went up 1.347% to $11.5 million after meme cash tied to open-source AI initiatives generated intense buying and selling exercise in January.
That momentum did not maintain, with Baggage’ income dropping 85% month-over-month into February, making the episode one other instance of how rapidly new exercise cycles via Solana’s utility layer.
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Alternatively, DeFi TVL fell 22% quarter-over-quarter to $6.16 billion, a drop that tracks virtually immediately with SOL’s worth dip fairly than with any significant outflow of customers. Solana’s share of complete DeFi TVL moved barely in any respect, going from 6.9% to six.7%, whereas Kamino reclaimed the highest protocol spot with $1.72 billion, edging Jupiter at $1.69 billion.
Drift’s efficiency was affected by a $285 million exploit attributed to a complicated social engineering operation linked to North Korean state-affiliated risk actors.
Actual Financial Worth, which is principally the charges and MEV suggestions paid to validators, the report reveals it fell simply 1% to $89.5 million. That determine positioned Solana second amongst all networks, solely behind Hyperliquid’s $156 million.
RWAs Take the Lead
If one story outlined Q1 past the bear market backdrop, it was real-world belongings. On Solana, the market noticed its worth develop 43% quarter-over-quarter to $2.01 billion.
BlackRock’s BUIDL tokenized cash market fund doubled to $525.4 million after Anchorage Digital added custody help, with the latter holding round 81% of the overall provide on-network by quarter’s finish.
In the meantime, Ondo Finance launched 200-plus tokenized US shares and ETFs on Solana, together with a same-day tokenization of BitGo inventory on the date of the corporate’s NYSE IPO.
Lastly, whereas the stablecoin market cap on the platform remained at slightly below $15 billion, the composition modified. USDC fell 21% to $7.83 billion however stays the biggest at 53% of the overall, whereas USDT rose 34% to $2.89 billion.
On the similar time, World Liberty Monetary’s USD1 climbed 473% to $883.5 million, largely on the again of Binance reallocating buyer holdings to Solana.
