“Solana Cools Down in Q1: Moving from a Speculative Peak into a Reset Phase”(Author: Michael Nadeau; Translation: Glendon)



After experiencing explosive, speculation-driven growth, Solana showed a clear cooldown in Q1 2026: network fees fell to $89.90 million, down 68% year over year. On-chain yields and DeFi activity also dropped in sync, indicating a high dependence on retail trading and sentiment. The overall ecosystem is shifting from “speculation-driven” to a more sustainable revenue structure. In the future, the key lies in perpetual contract competition, RWA tokenization, the expansion of stablecoin use cases, and the recovery of the developer ecosystem. Read more:
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