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In Q3 2026, Solana recorded 8.92 billion non-vote transactions, up 104% from Q4 2025. Non-vote transactions more closely reflect actual usage, such as user transfers and trading, and are a better indicator of on-chain activity than total transaction volume.
Application revenue also rebounded, rising 48% quarter over quarter to $299 million. Quarterly spot DEX trading volume was approximately $197.2 billion, accounting for 36% of cross-chain spot trading volume and remaining above 30% for nine consecutive quarters.
Tokenized stocks were another bright spot, with quarterly trading volume reaching $7.1 billion, including $4.4 billion in September alone, indicating that Solana is capturing demand for high-frequency, small-value settlements.
Four factors will determine whether high growth can continue
Can transaction volume translate into revenue? A large number of small transactions can drive up transaction counts, but fees are extremely low. Protocol revenue and cash flow are what truly determine the ecosystem's momentum.
Are funds willing to stay? TVL represents the amount of capital locked in DeFi. Complete TVL data aligned with transaction counts is currently lacking, so this needs to be monitored.
Can the user experience remain stable? The Votor upgrade eliminated on-chain voting transactions, making non-vote transactions a better measure of network load. One hour after the upgrade, the rate was approximately 2,500 transactions per second, broadly in line with previous levels.
Will market conditions be supportive? BTC and ETH price trends, the price of SOL, and financing conditions will continue to affect new project launches and user participation.
My view
Solana has established a strong advantage at the transaction layer, with room for further growth in payments, DEXs, stablecoins, and tokenized assets. It could sustain medium-to-high growth in the next phase. But it is too early to judge the entire ecosystem as overheated based solely on “8.92 billion transactions.”
A more accurate conclusion is that transaction activity is leading and revenue is recovering; whether high growth can be sustained depends on capital retention and actual returns.#WCTCS9 $SOL