Solana network revenue and total value locked onchain have collapsed in the past two months as interest in memecoins has continued to taper off.
Weekly network revenue on the Solana blockchain hit a record high of $55.3 million in mid-January amid the height of the memecoin minting frenzy.
However, revenue has since tanked 93% to around $4 million in the past week, back to levels not seen since September, according to DefiLlama data.
Solana weekly decentralized application (DApp) revenue has also slumped around 86% from $238 million in mid-January to $32 million for the past week.
Meanwhile, DeFi total value locked on Solana has also declined by almost 50% over the same period, falling from a January high of just over $12 billion to current levels of around $6.4 billion.
Solana weekly revenue and TVL. Source: DefiLlama
Memecoin trading, primarily on the Pump.fun platform comprises roughly