Key Takeaways:
Solana RWA assets jumped 43% to $2.01B in Q1, led by Blackrock’s BUIDL. Solana app revenue held at $342.2M despite SOL falling 33% and DeFi TVL dropping 22%. Solana’s Alpenglow upgrade targets 150ms finality to boost network scalability in 2026.Another major contributor was PRIME, a tokenized credit product tied to home equity financing. PRIME’s market capitalization surged 124% to $361.2 million following integration with lending platform Kamino. ONyc, another tokenized asset product, rose 101% to $145.4 million.
Pump.fun remained the dominant revenue-generating application, producing $124.7 million, up 17% from the prior quarter. Trading platform Axiom generated $42.4 million in revenue, while Bags emerged as one of the quarter’s fastest-growing applications, posting a 1,347% increase, largely tied to January’s artificial intelligence-themed trading activity.
