Solana Performance Update: June Earnings Mixed With New ETF Launch
June concluded with Solana trading at $155, marking a 1.2% monthly decrease according to market data. While this underperformance relative to Bitcoin and hype-driven coins continues, the broader altcoin market correction provides context.
Market Indicators Show Discretionary Spending Decline
According to Blockworks Research, Solana’s Real Economic Value (REV) dropped 48% MoM, DEX volume fell 35%, and Token Holder Net Income plummeted by 56%. Despite these declines, Solana maintained leadership across major blockchain networks based on these key metrics.
Record Transaction Volume and App Revenue Drive Positives
Despite the overall economic drain, Solana blockchain processed over 2.1 billion successful transactions in June, a record high. Overall app revenue reached $150 million, with record-breaking performance from trading applications. Pump.fun and Axiom led earnings, collectively bringing in over $76 million.
Trading-focused decentralized exchanges now account for nearly 90% of Solana’s total application revenue, while record circulation supply and velocity drive fee-based revenue.
Developer Activity and New Product Rollouts
Pump.fun surpassed Raydium in DEX trading volume for the first time, ending June with a 32% market share compared to Raydium’s 26%. Simultaneously, a new product offering debuted on Solana: tokenized US equities (“xStocks”) launched on June 30.
Fifteen listings initially debuted, including SPYx, TSLAx, and MSTRx, generating over $1.3 million in the first day of trading — exceeding initial expectations.
Validator Ecosystem Shifts and Future Outlook
Solana validators anticipate significant ecosystem shifts. Validator income structures are compressing, with Jito tip distributions falling to 51% of all REV generated by block producers. The active validator set also shrank by 25% following the Solana Foundation’s planned offboarding.
Upcoming changes like FCFS auction dominance potentially signaling the end of app-specific sequencing could see operator revenues decline further as network latency assumes a greater role in competitive advantage.
Revenue Efficiency Reaches Record Heights
For the second consecutive month, Solana applications generated $2.40 in revenue for every $1 of Real Economic Value. This efficiency ratio sets an all-time high. The recent confirmation of a pump.fun Initial Coin Offering follows this trend.
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