According to the report, Solana’s total application revenue dropped 44.2% quarter-over-quarter, sliding from $1 billion in Q1 to $576.4 million in Q2. The downturn was tied to reduced profit-making across key decentralized applications.
Meanwhile, Axiom moved in the opposite direction, rising 641.3% to $126.6 million in revenue. Jupiter, a major DeFi aggregator, brought in $66.4 million, though this represented a 15.6% drop from the previous quarter.
However, the growth in TVL did not translate into higher trading activity.
The average daily spot DEX volume across the Solana ecosystem fell 45.4% in Q2 to $2.5 billion.
Messari attributed the slump to fading memecoin momentum, which had driven record trading activity in the first quarter.
