Solana closed Q2 2026 with record tokenized-asset trading, even as broader network activity weakened. Quarterly volume reached $5.8 billion, up 114% from the previous quarter from Q1 and marking a sixth straight quarterly record.
Tokenized equities generated $4.8 billion, equal to 84% of the network’s tokenized-asset volume. Private credit added $803 million, while commodities and other products supplied smaller amounts.
According to Blockworks Advisory, Solana handled about 97% of tokenized equity trading across the measured blockchains. June alone produced $3.3 billion in equity volume as more stock-linked products entered the market.
The report connects much of the increase to demand for blockchain-based market access. The Solana Foundation commissioned the report, while Blockworks said it kept editorial control.
Solana DEX Volume Falls 44%
Solana decentralized exchanges processed $160.8 billion in spot volume during Q2. That figure fell 44% from $288.5 billion in the previous quarter. Even so, Solana retained about 32% of measured spot DEX trading. Ethereum followed with 25%, while Base and BNB Chain held smaller shares.
Monthly activity improved near the quarter’s end. Spot volume fell from $52.3 billion in April to $48 billion in May. It then rose 26% to $60.5 billion in June as tokenized-asset trading accelerated. Perpetual futures volume also climbed 60% to $183 billion, although weaker spot activity limited broader fee growth.
Solana Network Revenue Drops to $51M
Solana’s Real Economic Value fell 43% to $51 million during Q2. The measure covers transaction fees and out-of-protocol tips, while excluding newly issued SOL. Monthly revenue slipped from $18.6 million in April to $14.3 million in June. Priority fees declined 45% to $30.8 million.
Jito tips also dropped 50% to $9.9 million. Application revenue fell 31% to $228.4 million. Pump.fun generated $90.1 million, making the memecoin launchpad Solana’s largest application business during the quarter.
Meanwhile, lending deposits across Kamino and Jup Lend ended Q2 near $4.1 billion, down 8.3%. Daily active addresses averaged 2 million, down from 2.4 million in Q1. About 27% of non-vote transactions reverted, according to the report.
Outstanding loans reached about $1.6 billion after falling 7.9%. Deposits linked to real-world asset markets dropped 48% to $640 million. Therefore, record tokenized-stock trading did not produce matching growth in borrowing or collateral demand. Solana still processed 9.8 billion non-vote transactions, while median fees stayed near $0.0004.
SOL Staking Relies on Token Issuance
SOL stakers earned $487 million during Q2, down 23% from Q1. However, token issuance supplied more than 98% of that income. Jito tips contributed only about $8.2 million. Nominal staking yield ended near 5.5%, while estimated real yield stood around 1.7%.
Meanwhile, SOL spot investment products recorded $120 million in net inflows. Those inflows continued for a third consecutive quarter despite weaker network revenue. Additionally, staked SOL reached 427 million, representing roughly two-thirds of supply. The figures showed investor demand alongside softer onchain economics.
That comparison highlights the gap between trading access and network value across the wider market. Solana can host rising tokenized-equity activity without collecting proportionate fees. Therefore, future growth needs stronger borrowing, collateral use, and fee demand. Proposed burn and inflation changes could reshape SOL’s supply economics.
Alpenglow upgrade now stands as Solana’s main technical catalyst. The upgrade targets 150-millisecond confirmations, lower validator costs, and greater offline-stake tolerance. Meanwhile, related proposals address fee sharing, inflation reduction, and higher token burns. Their implementation could connect network activity more directly with holder returns.
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