In July, Solana applications marked a significant growth, showcasing a 50% revenue increase. The total revenue reached $164 million.
Revenue Growth of Solana Apps
The revenue of Solana apps rose by 50% in July, reaching $164 million. The total locked in the network exceeded $43 million during the week between July 14 and 22. For ten months, Solana has demonstrated higher fees compared to all other L1 and L2 chains.
Trading Tools and Meme Tokens
The most active segments were trading tools and meme token swaps. Despite the revenue growth, the number of active addresses in the network saw a decline compared to June. Trading tools, including bot services and MEV services, remained the primary sources of income, although the share of DeFi and lending usage still remains low.
Whales Return to Solana
Whales returned to Solana in July, evidenced by an increase in the number of 'Solana Lords', participants holding more than 5 million SOL. Whale activity surged amid the overall market rejuvenation. Additionally, 17.93% of the total SOL supply became active in the middle of the month.
July proved to be a successful month for Solana applications, marked by revenue growth and whale activity. This may indicate a potential increase in interest in this platform going forward.
