TL;DR:
- Solana recorded $90.62 million in app revenue during May.
- The SOL token closed May near $82, after starting its bearish streak at $220.
- Solana spot ETFs accumulated $115.34 million in net inflows during the same month.
The app revenue network in May positioned Solana in first place across the entire blockchain ecosystem. DefiLlama reported that the network generated $90.62 million through its protocols. However, the native token SOL ended May with its eighth consecutive red monthly candle.
A period that marked the longest losing streak in the recent history of the asset. The downward movement began in October 2025, when SOL was trading in a range near $220. At the close of May, the price hovered around $82. The dynamic reduced the network’s market capitalization by about $78 billion, leaving the asset’s total valuation at around $47 billion.
App revenue reflects the net capital that platforms retain from users. Market information indicates that this metric excludes simple transaction counts, which are prone to inflation by bot activity, and total value locked (TVL), which is affected by price volatility. The DefiLlama report suggests that much of Solana’s current revenue comes from asset trading and the launch of new tokens. For example, the Pump.fun protocol generated nearly 42% of this revenue on the network during the first quarter of the year.
The financial flows do not go directly to token holders, but to the development teams of each application.
Institutional dynamics and crypto market context
Despite poor price action, regulated financial vehicles showed a differentiated behavior. Data from SoSoValue highlighted that Solana spot ETFs culminated May with cumulative net inflows of $115.34 million. The financial product did not record a single day of capital outflows throughout the month.
In the same period, Bitcoin ETFs reported negative flows of $2.43 billion. For their part, Ethereum ETFs recorded outflows of $540.88 million. With these results, funds based on Solana maintain a trend of positive net monthly inflows since their launch in October 2025.
The network’s downward trend coincides with a generalized adjustment in the sector. Bitcoin ended its third down month in 2026, opening June below $72,000. Meanwhile, Ethereum positioned itself below the $2,000 line, while the global crypto market cap sat near $2.46 trillion. Messari’s quarterly reports describe this initial phase of the year as a period of generalized contraction for major digital assets.
The network’s development during the month of June is tied to the implementation of the Alpenglow upgrade, aimed at reducing transaction finality to an estimated range of 150 milliseconds. Likewise, platform records show that the value of real-world assets (RWA) on Solana grew 43% in the first quarter, reaching an estimated $2 billion.
The market is evaluating the risk of direct competition from protocols like Hyperliquid, which stands as one of the leaders in fee collection so far in 2026.
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