The Solana blockchain has achieved a new milestone in stablecoin liquidity, with its total supply now exceeding $17 billion. This surge follows a significant 24-hour minting event where Circle issued approximately 750 million USDC directly on the network. However, this record liquidity stands in stark contrast to the platform’s revenue, which has plummeted 93% from its January peak, painting a complex picture of growth versus profitability.
Revenue Decline Contrasts with Robust Fundamentals
Network fee revenue has seen a dramatic contraction, primarily attributed to the cooling of speculative memecoin trading that drove record income in early 2026. This has created a substantial gap in earnings, even as core network metrics remain strong. Solana’s decentralized finance (DeFi) ecosystem reports a Total Value Locked (TVL) of approximately $5.8 billion, complemented by an additional $1.7 billion in tokenized real-world assets.
A potential catalyst for renewed activity could emerge from the recent launch of the perpetual decentralized exchange GMX on the MegaETH blockchain. The platform now offers SOL/USD trading pairs with leverage of up to 50x, which may stimulate increased trading volume and associated fee generation for Solana in the coming weeks.
Should investors sell immediately? Or is it worth buying Solana?
Corporate Performance: A Mixed Financial Picture
On the corporate front, the publicly traded Solana Company (ticker: HSDT) disclosed a net profit of $325.6 million for the fourth quarter of 2025. A closer examination reveals that the majority of this profit, $526.3 million, stemmed from the revaluation of derivative holdings. Operationally, the company posted a loss of $201.1 million due to impairments on its digital asset portfolio.
More substantive performance is seen in its staking operations. The company achieved a net staking yield of 6.8%, outperforming the industry average of 6.2%. By the end of 2025, it held roughly 2.36 million SOL tokens. Since shifting its strategy to a Digital Asset Treasury model in September 2025, the value of SOL per share has increased by 14%.
Despite this, the SOL token’s market price remains significantly depressed, currently trading approximately 67% below its 52-week high. Looking ahead, the Solana Company has outlined plans to build out an APAC node network as part of its next phase to expand global infrastructure.
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