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Gate Research: 2025 Q1 Solana Network Review
4/23/2025, 8:15:48 AM
Download the Full Report （PDF）
This report provides a comprehensive review of Solana’s network performance in Q1 2025. It covers price movements, on-chain activity, the state of smart contracts and staking, growth in stablecoins and decentralized exchanges (DEXs), returns from DePIN, and the cooling of the NFT market. It also examines the implications of the failed inflation governance proposal SIMD-0228 and what it could mean going forward.Abstract
- SOL Price Action: Q1 saw a rally followed by a correction and bottoming out phase, before SOL broke its all-time high of $295.
- Derivatives Market: High volatility and active deleveraging characterized Q1. Open interest hit $4.6B by March 31.
- Token Distribution: Ownership remained concentrated—mid-to-large holders (100K–1M SOL) made up nearly 60%, with top wallets holding market dominance.
- Network Activity: Solana averaged 5.2M daily active addresses and 953M daily transactions throughout the quarter.
- Staking Returns: Yields stayed stable. Inflation rewards were the main source, while MEV and gas fees provided ~30% extra returns, boosting staking appeal.
- Stablecoins Surge: Total stablecoin market cap jumped 1.43× to $12.1B, becoming a key driver of on-chain activity.
- DEX Boom: Daily DEX volume averaged $11B, up 125% from Q4.
- DePIN Growth: Weekly revenues from DePIN projects grew to $5.6M, a 52% quarter-over-quarter increase.
- NFT Decline: Weekly NFT volume dropped to $6.75M, down 55% from last quarter.
- Governance: Proposal SIMD-0228, aimed at reducing SOL inflation by up to 80%, failed to pass.
(Click below to access the full report)
Gate Research
Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Click the Link to learn more
Author: Evelyn
Translator: Panie
Reviewer(s): Ember、Addie
Translation Reviewer(s): Ashley、Joyce
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
* This article may not be reproduced, transmitted or copied without referencing Gate. Contravention is an infringement of Copyright Act and may be subject to legal action.
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Abu Dhabi Meetup
Helium will host the Helium House networking event on December 10 in Abu Dhabi, positioned as a prelude to the Solana Breakpoint conference scheduled for December 11–13. The one-day gathering will focus on professional networking, idea exchange and community discussions within the Helium ecosystem.
HNT
-0.85%
2025-12-09
Hayabusa Upgrade
VeChain has unveiled plans for the Hayabusa upgrade, scheduled for December. This upgrade aims to significantly enhance both protocol performance and tokenomics, marking what the team calls the most utility-focused version of VeChain to date.
VET
-3.53%
2025-12-27
Litewallet Sunsets
Litecoin Foundation has announced that the Litewallet app will officially sunset on December 31. The app is no longer actively maintained, with only critical bug fixes addressed until that date. Support chat will also be discontinued after this deadline. Users are encouraged to transition to Nexus Wallet, with migration tools and a step-by-step guide provided within Litewallet.
LTC
-1.1%
2025-12-30
OM Tokens Migration Ends
MANTRA Chain issued a reminder for users to migrate their OM tokens to the MANTRA Chain mainnet before January 15. The migration ensures continued participation in the ecosystem as $OM transitions to its native chain.
OM
-4.32%
2026-01-14
CSM Price Change
Hedera has announced that starting January 2026, the fixed USD fee for the ConsensusSubmitMessage service will increase from $0.0001 to $0.0008.
HBAR
-2.94%
2026-01-27
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