Solana RWA Market Tops $2B; App Revenue Holds
Solana tokenized real-world assets rose 43% to $2.01B in Q1 2026, led by BlackRock’s BUIDL; application revenue stayed at $342.2M as SOL fell 33%.
In the first quarter of 2026, the value of tokenized real-world assets on Solana rose 43% to $2.01 billion. Growth was led by BlackRock’s BUIDL, which doubled to $525.4 million after Anchorage Digital added custody support.
PRIME, a tokenized credit product tied to home equity financing, increased 124% to $361.2 million following integration with lending platform Kamino. ONyc grew 101% to $145.4 million.
Application revenue on the Solana network remained at $342.2 million for the quarter. Pump.fun generated $124.7 million, up 17% from the prior quarter. Trading platform Axiom produced $42.4 million. Bags recorded a 1,347% increase after an artificial intelligence–themed trading surge in January. The network’s app revenue capture ratio rose to 382%.
Total value locked in Solana DeFi fell 22% to $6.16 billion. SOL’s price declined 33% during the quarter. Kamino held $1.72 billion in total value locked, slightly ahead of Jupiter. Active loans on Kamino and Jupiter together were near $1.8 billion.
Average daily spot DEX volume dropped 30% to $2.8 billion, and perpetual futures volume fell 29% to $1.1 billion. Proprietary automated market makers accounted for more than half of spot trading volume, supported by lower trading costs compared with many centralized exchanges.
Stablecoin market capitalization on Solana remained near $14.8 billion, placing the chain third by stablecoin supply. Circle’s USDC saw transaction volume rise 72% to $88.1 billion for the quarter.
Developers continued work on the Alpenglow consensus overhaul, which aims to reduce transaction finality from about 12.8 seconds to roughly 150 milliseconds by replacing key parts of the current architecture, with deployment targeted in 2026.
The quarter combined growth in tokenized real-world assets, steady application revenue and declines in DeFi and trading activity alongside a 33% drop in SOL’s price.
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