Solana Leads On-Chain Activity as Tokenisation and AI Payments Expand
Solana led public blockchains in on-chain trading activity and application revenue, according to a Y Strategy report using data through 24 October 2026. In the preceding 30 days, Solana apps generated about $158 million in revenue, while users paid roughly $14.4 million in fees. The network processed about 145 million non-vote transactions on 24 October, and decentralised exchanges averaged around $2.2 billion in daily trading volume.
Trading remains the main driver, but Solana’s use is broadening beyond meme coins. Its stablecoin supply peaked at $17.4 billion in late September, while real-world asset (RWA) value reached a record $4.6 billion. Tokenised-stock holders climbed to 1.57 million, up 56.5% in a month. Tokenised-asset trading volume reached $8.1 billion in the third quarter. SOL–stablecoin pairs and meme coins accounted for about 40% and 30% of DEX volume, respectively.
Pump was the highest-earning app, generating about $62 million over 30 days. Phantom, Jupiter and Raydium also form key parts of Solana’s trading ecosystem, from wallets and order routing to liquidity. Institutional activity is growing through tokenised funds, stablecoin payments and US spot SOL exchange-traded products. Solana also processed 76% of x402 transactions over a four-week period ending in late September, as it competes to support AI-agent payments.
Network upgrades, including 200-millisecond block times and the Alpenglow consensus upgrade, are intended to improve speed; the report puts Alpenglow’s target finality at about 150 milliseconds. For SOL traders, the figures point to expanding application demand and a wider range of on-chain assets. However, activity and revenue remain closely tied to speculative trading, and stronger adoption does not guarantee sustained SOL price gains.
Neutral
The report offers a constructive fundamental picture for SOL: Solana leads in application revenue and trading activity, while stablecoins, tokenised assets, institutional products and AI-agent payments broaden potential sources of network demand. Fast confirmation targets and continued upgrades may also support developer and user activity. These factors could improve sentiment towards SOL in the short term, particularly if traders interpret the data as evidence of resilient ecosystem growth.
However, the figures are network and application metrics, not direct evidence of sustained demand for SOL itself. A substantial share of activity remains concentrated in speculative trading, including meme coins, and app revenue does not necessarily translate into lasting token value. In the longer term, continued growth in tokenised assets and institutional use could strengthen the investment case, but competition, market conditions and the durability of usage remain important uncertainties. As the report does not establish a reliable link between rising activity and future price gains, the likely price impact is neutral overall.