Solana Experiences 87% Revenue Drop Despite Increased Engagement
March was challenging for Solana, marked by significant declines:
- Revenue fell 87% from January's peak.
- DEX volumes decreased by 74%.
- Proposal SIMD 228 failed to pass despite high participation (74.3%) and support from major institutions like Coinbase and Kraken.
- Small validators voted against SIMD 228, while larger ones showed 85% support.
Notable outcomes include:
- SIMD 123 passed, introducing protocol-level revenue sharing.
- Current discussions involve SIMD 248 (feedback to reduce spam) and SIMD 268 (raising CPI nesting limit).
- DeFi applications on Solana generated $131 million in revenue, maintaining a strong revenue-to-REV ratio of 1.84.
- Institutional interest remains robust, with SOL futures launched by CME in March.
- Bridge inflows from other ecosystems reached $158 million despite a broader market cooldown.
In summary, while March presented challenges, it also tested Solana's resilience. Engagement levels are up, institutional interest is consistent, and development continues actively. The current price of SOL is approximately $118.