Solana's Transaction Volume Reaches 5.2 Billion, Revenue Drops to $141 Million

In August, Solana recorded 5.2 billion non-voting transactions, setting a monthly record and increasing by 19% compared to July. Meanwhile, 21Shares calculated that the network's total revenue fell from $1.09 billion to $141 million, compared to the first half of the year. The total transaction count is as of August 31, while the revenue covers the six months ending in June, indicating that activity is accelerating after a significantly lower revenue from fees and tips in the first half of the year. Non-voting transactions exclude consensus messages from validators, providing a clearer reflection of application activity, though they may still include both successful and failed transactions. 21Shares attributed the revenue decline to reduced competition for block space, as the memecoin craze that previously drove up fees and tips has cooled. The market composition has changed significantly, with memecoins' share of Solana's spot trading volume dropping from 40% to 16%, while stablecoin exchanges rose from 6% to 19%. Additionally, a letter submitted by DeFi Development Corp. to the SEC stated that the network's revenue for the second quarter was $51 million, a 43% decrease from the first quarter and an 81% decline year-on-year. The median fee per transaction was $0.00043.

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