Solana Records $1.1T in Q1 Economic Activity, A New All-Time High

Driven by a flourishing stablecoin scene, Solana powered $1.1T in economic activity in Q1, eclipsing the peaks of memecoin euphoria to record a new quarterly all-time high.

Alongside surging stablecoin activity, Solana DeFi has witnessed renewed enthusiasm for tokenized stocks, with both xStocks and PreStocks also recording all-time high trading volumes.

Despite the explosive growth of more mature asset classes, Solana’s network revenue and real-economic value is still falling short of last year’s highs.

Stablecoin Growth Drives Solana’s Economic Activity in Q1

For the first time in history, quarterly economic activity on Solana has exceeded $1.1T. According to Artemis data, Solana economic activity gained significant ground on Ethereum in Q1, which finished the quarter with $1.5T. Additionally, Solana reclaimed the lead in network fees and revenue generation.

While previous spikes in economic activity have been the result of frenetic speculation, often taking shape in the form of memecoin trading, Solana’s onchain landscape is evolving. Stablecoins are rapidly becoming a cornerstone of Solana DeFi, recording over $2.2T in transfer volume in Q1. 

The growth of Solana’s flourishing stablecoin economy is also reflected in the growing dominance of intra-stablecoin swaps in Solana trading venues. Based on Blockworks data, stablecoin swaps now represent over 27% of all Solana DEX volume.

Solana’s reinvention as a stablecoin-heavy, payments-first chain represents a remarkable turnaround for a network that has often been dismissed as nothing more than a memecoin casino. 

Tokenized Stocks Record All-Time High Volume

Alongside soaring stablecoin activity, Solana’s tokenization sector is enjoying its own renaissance. Onchain data suggests that tokenized stock volume on Solana just recorded a new all-time high in weekly volume, processing over $155M in swaps and representing over 98% of market share across rival chains.

Beyond public equities, pre-IPO trading in also witnessing unprecedented demand. According to Blockworks data, PreStocks also recorded its best week since launch, witnessing over $95M in trading volume. 

Despite the enthusiasm for per-IPO markets, it’s worth mentioning that volume is currently being incentivized with $100,000 in rewards for traders routing through Jupiter and Titan.

Chain Revenue Still Far From 2025 Highs

While Solana’s onchain activity is steadily returning after a sustained downtrend throughout 2025, it would be remiss not to mention that the network has a lot of ground to reclaim. 

Despite immense progress at the protocol and market-structure level, both network REV (Real Economic Value) and application revenue are still down significantly from the highs of early 2025.

Arguably, this decline is simply the result of bull market euphoria, and its consequent activity and capital, leaving the crypto economy. However, this hasn’t stopped other networks from thriving in changing market circumstances.

Against an industry-wide downtrend in activity, certain app-specific chains like Hyperliquid, best known for its perpetuals exchange, have maintained consistent revenues. Solana community members are now adamant that the chain desperately needs a competitive perps DEX, which some are calling the “missing link” that will complete Solana’s DeFi economy. 

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