TL;DR:
- Pump.fun generated $124.7 million in revenue during Q1 2026, representing more than a third of the total recorded across the Solana network.
- The platform’s revenue grew 17% quarter-over-quarter, while RWAs on Solana surpassed $2 billion in market capitalization.
- Goldman Sachs and Intesa Sanpaolo reduced their positions in SOL ETFs, although the Italian bank doubled its total exposure to crypto assets.
Pump.fun closed the first quarter of 2026 as the largest revenue generator within the Solana ecosystem, recording $124.7 million collected during the period. That figure represents more than a third of the $342.2 million in total revenue across the network’s applications, according to the Messari quarterly report. Notably, this result was achieved despite a cooldown in memecoin market activity, and the platform’s revenue grew 17% compared to the previous quarter.
Launchpads as a whole generated $144 million, approximately 42% of Solana’s total application revenue. Within the sector, Bags stood out, with quarterly revenue surging 1,347% to $11.5 million, driven by AI-themed memecoins in January. The rebound was short-lived: by February, the platform’s monthly revenue had already fallen 85%.
Memecoins No Longer Define Solana
Trading applications were the fastest-growing sector during the quarter, with revenue rising 40% to $79 million. Axiom led that segment with $42.4 million, becoming the second-highest revenue-generating application across the entire network. Meanwhile, the market capitalization of real-world assets on Solana crossed $2 billion, a 43% increase over the quarter, driven primarily by BlackRock‘s BUIDL fund, whose value doubled to reach $525 million following the addition of custody support from Anchorage Digital.
DeFi TVL fell 22% to $6.16 billion, although Messari attributed the decline primarily to the 33% drop in SOL’s price rather than a loss of users. SOL’s share of total DeFi TVL remained stable at around 6.7%.
Goldman Sachs Cuts Its Positions
On the institutional front, Goldman Sachs liquidated its positions in SOL ETFs during the first quarter, exiting funds managed by Grayscale, Bitwise, and Fidelity. Intesa Sanpaolo, Italy’s largest bank, also drastically reduced its exposure to Solana, dropping from 266,320 shares in Bitwise’s SOL ETF to just 2,817.
