NewsHK
Solana application fees declined 31% in the second quarter of 2026, falling to approximately $552 million, while net inflows into U.S. spot Solana exchange-traded funds slowed sharply in early September.
The divergence highlights a split between weakening speculative activity on the network and sustained, albeit reduced, institutional demand for the native SOL token.
The sharp drop in application fees reflects a broader cooling of economic activity on the network.
Total application revenue fell 55% quarter over quarter to about $198.6 million, and network revenue declined 43% to $51 million. DEX spot trading volume also dropped 44% to $160.8 billion in Q2.
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