Pump.fun emerged as the top revenue generator on the Solana network in Q1 2026, amassing $124.7 million, which accounted for 36% of the total $342.2 million revenue across Solana applications. This marks a 17% increase from the previous quarter, despite a slowdown in memecoin activity. Overall, launchpads contributed $144 million, or 42% of Solana's application revenue, with Bags seeing a significant surge in January due to AI-themed memecoins. The market capitalization of real-world assets on Solana exceeded $2 billion, driven by BlackRock's BUIDL fund, which doubled in value to $525 million. Meanwhile, DeFi TVL on Solana fell 22% to $6.16 billion, largely due to a 33% drop in SOL's price. On the institutional side, Goldman Sachs exited its SOL ETF positions, while Intesa Sanpaolo significantly reduced its holdings, despite doubling its overall crypto exposure.