Solana’s on-chain activity has fallen off a cliff. Trading volumes on decentralized exchanges across the network have dropped by more than 50%, DApp revenue has sunk to an 18-month low, and daily transaction fees are scraping levels not seen in months.
The numbers tell a brutal story
Solana DApp revenue fell to $22 million in March 2026. That figure stood at $36 million just two months prior, representing a roughly 39% decline in a shockingly short window.
Weekly DEX volume on Solana decreased by over 50% by late May 2026. Daily transaction fees have fallen to multi-month lows. The meme coin frenzy that drove much of Solana’s activity through 2024 and into 2025 has meaningfully subsided. Platforms like Pump.fun, which became synonymous with the rapid-fire creation and trading of meme tokens, have seen engagement crater.
Perpetual futures are eating Solana’s lunch
