Solana still leads all chains in usage.

But it has a revenue problem.
I pulled data from @artemis to show you the full picture ↓
1️⃣ Activity stayed high
→ Daily active users: 3.9M (+4.9% 30D)
→ Transactions: 92.4M (+3.9% 30D)
→ Stablecoin supply: $16.6B (+0.9% 30D)
For context, Solana has more DAU than Ethereum (590K), BNB (2.6M), Sui (183K), and Arbitrum (320K) combined.
There's no debate on which chain is the usage leader.
2️⃣ Revenue has dropped off
When the median fee is $0.0015, revenue per txn is next to nothing.
Annualized revenue on Solana is $220.5M (-19.7% in the last 30 days).
In comparison, Ethereum's users generate $244.1M in annualized revenue.
Low fees need volume to compensate.
Right now, the chain lacks both.
3️⃣ Idle capital
Stablecoin supply is near year-highs at $16.6B, while 30-day transfer volume is down 22.8%.
It means most of the capital is sitting idle.
That's not necessarily bad, but it's not generating fee revenue either.
4️⃣ Valuation multiple is stretching
→ Market cap: $48.5B
→ Market cap/revenue: 219.9x (+28.6% in the last 30 days)
→ Price: -43% YoY
Multiple is expanding because revenue is falling faster than price.
That's not a strong setup.
5️⃣ Steep revenue drop
How 1Y revenue changed across the major L1s:
→ Solana: -77.8%
→ BNB Chain: -35.2%
→ Ethereum: -6.3%
Solana's -77.8% is measured from its peak, driven by the memecoin season.
The issue is that no new vertical has replaced that volume.
———
The real question is whether Solana's fee model can ever support its valuation without relying on speculative mania.
Firedancer and institutional pilots (Visa, Shopify) might change the equation, but it's not guaranteed.
The chain clearly needs fresh narratives.