Solana DApp Revenue Hits 18-Month Low as SOL Risks Retest of $80

The Solana ecosystem relies on DApps such as Pump, Raydium and Orca to generate transactions and fees, making onchain revenue a key gauge of demand for SOL. DefiLlama data showed monthly DApp revenue fell to $22 million from $36 million two months earlier, a decline of nearly 40% and an 18-month low. The figures point to mounting pressure on both user activity and developers’ ability to generate revenue.

On March 20, SOL had fallen 11% in three days from that Monday’s high of $97.70 to $87, triggering $25 million in long liquidations. Perpetual futures funding rates fell to 0%, while puts traded at a 12% premium to calls. By April 1, DefiLlama data showed March decentralized exchange volume had dropped to $55.5 billion, its lowest since September 2024. SOL has repeatedly tested $80 and could fall toward $75 if that level fails.