Solana Has Diversified, but Its Fees Still Depend on Memecoins

[Market Insight] Solana Has Diversified, but Its Fees Still Depend on Memecoins

Solana has expanded into stablecoins, payments, RWA and DePIN. But memecoins remain the fastest engine for turning user attention into trading volume and fees.

Solana Has Diversified, but Its Fee Engine Still Runs on Memecoins

Can the Network Grow Beyond Speculation?

👉 Read the English version here: x.com20822836062366…
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It is no longer accurate to call Solana simply a “memecoin chain.”

Solana currently holds approximately $16.6 billion in stablecoins.

Payments, lending, RWA, DePIN and consumer apps have also grown.

Solana DePIN app revenue reached approximately $9.1 million in the first quarter of 2026, up 28% from the previous quarter.

In the second quarter, total Solana app revenue was approximately $257 million.

That was about 41% of all Web3 app revenue.

Solana ranked first among all chains for the ninth consecutive quarter.

The ecosystem has clearly broadened.

But the picture looks different when examining where fees are actually generated.

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1️⃣ Solana’s growth extends beyond memecoins

Solana’s DEX trading volume fell in the first quarter of 2026 compared with the previous quarter.

Even so, it maintained a high share of the overall DEX market across chains.

SOL and stablecoin trading, liquidity pools run by professional market makers, and lending and payment infrastructure also grew.

Solana’s trading base already extends beyond memecoins.

The question is not whether other kinds of trading exist.

It is which kinds generate the most fees.

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2️⃣ Memecoins still lead fee generation

According to Galaxy Research, five of Solana’s 10 highest-fee apps in the first quarter of 2026 were directly tied to memecoins.

Pump.fun’s share of total Solana app fees also rose from 22% to 32% in a single quarter.

By contrast, non-speculative areas such as lending and payments accounted for a relatively small share of fees.

More industries have emerged on Solana.

But the memecoin market remained the fastest at turning user attention into revenue.

The ecosystem had broadened, but memecoins still led at the checkout.

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3️⃣ Why do memecoins generate more fees?

Memecoin trading is not inherently bad.

Solana’s appeal to a speculative market that demands speed and low costs is also evidence of the network’s competitiveness.

Memecoins bring in new users.

They generate trading volume and fees and help wallets and trading apps grow.

The issue is not the existence of memecoins, but the degree of dependence on them.

Payments and RWA can bring substantial assets onto Solana.

But those assets are not necessarily traded several times a day.

Memecoins, by contrast, move the same capital repeatedly over short periods.

Token creation, initial purchases, profit-taking, re-entry, wallet transfers and DEX swaps follow one another.

This repeatedly generates:

• Launchpad fees
• DEX trading fees
• Wallet and trading app fees
• Priority fees
• Market-making and MEV revenue

If payments and RWA broaden Solana’s asset base, memecoins generate fees by turning those assets over quickly.

A more diverse ecosystem therefore does not necessarily mean a more diverse revenue structure.

Solana’s asset base has broadened, but its economics remain sensitive to speculative activity.

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4️⃣ Not all app revenue flows back to SOL

Trading on Solana does not mean all the value created flows to SOL holders.

The fees users pay are distributed among several participants:

• Applications such as Pump.fun and Jupiter
• Wallets and trading front ends
• Market makers supplying liquidity
• Validators and SOL stakers
• Other infrastructure providers

An increase in trading volume should not automatically be interpreted as an increase in SOL’s value.

The key question is not the size of trading volume.

It is who ultimately retains the revenue generated by that trading.

“Increased Solana usage” and “increased value for SOL holders” are not the same thing.

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Four things to watch

① Does the share of memecoin-related apps among the highest-fee apps decline?

② Do payments, lending, RWA and DePIN apps begin generating recurring fees?

③ Do app revenue and active users hold up after the memecoin frenzy fades?

④ Does more value from app growth flow to validators and SOL stakers?

If these conditions are met, it would be possible to say Solana has built an economy beyond memecoins.

For now, the conclusion is different.

Solana is no longer a chain where only memecoins exist.

But memecoins remain the fastest engine for turning user attention into trading volume and fees.

Solana’s diversification will not be proven by the number of apps alone.

It will be proven when users and fees remain after the memecoin cycle stops.

Sources

DefiLlama
Galaxy Research
Solana Compass
Messari

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This material is for informational purposes only and is not investment advice. Caution: This is written as a hobby rather than by an institution and may contain numerous errors. All investment decisions are your own responsibility.