21Shares Says Solana Revenue Fell 87% YoY But Real‑World Use Is Rising
TL;DR
- 21Shares published a report revealing that Solana’s gross revenues fell 87.1% year-over-year, from $1.09 billion in H1 2025 to $141 million in H1 2026.
- Memecoin fees, which represented 95% of revenues in H1 2025, collapsed along with speculative demand, dragging the annualized rate down to $282 million.
- Stablecoins and real-world assets grew: Solana processed more than 22.5% of all global stablecoin transactions in H1 2026.
The Solana network’s revenues plummeted 87.1% year-over-year during the first half of 2026, dropping from $1.09 billion to $141 million, according to a report published by 21Shares, the crypto asset investment products firm. Analyst Matt Mena, author of the report, notes that the decline does not reflect a loss of genuine activity, but rather the end of the speculative cycle driven by memecoins that dominated the network during the first half of 2025.
During that period, priority fees and Jito tips concentrated 95% of the network’s revenues — 40% and 55% respectively — according to Blockworks data as of June 30, 2026. Memecoin traders competed for early block access through tips and front-running, generating artificial demand for block space that inflated revenue metrics to levels that were hardly sustainable.
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