Solana's on-chain applications generated a total revenue of $342.2 million in Q1 2026, according to a Messari report. PumpFun emerged as the top revenue-generating application, contributing $124.7 million. The network's Real Economic Value (REV) saw a slight decline of 1% to $89.5 million, ranking second only to Hyperliquid across all networks. During the same period, Solana's DeFi Total Value Locked (TVL) fell by 22% to $6.16 billion. This decline was primarily attributed to a 33% drop in SOL's price, rather than a loss of users.