Solana DApps Revenue Drops to 18-Month Low as SOL Price Falls

By WSN Editorial TeamTech ReporterMarch 20, 20263 min readUpdated less than an hour ago

Solana faces declining DApps revenue and SOL price pressures, with $25 million in leveraged positions liquidated.

Solana's DApps revenue reached an 18-month low of $22 million, down from $36 million two months prior, according to data from CoinTelegraph. This decline occurred alongside a 11% drop in SOL's price from $97.70 to $87 over three days, leading to $25 million in leveraged long positions being liquidated.

In the derivatives market, SOL perpetual futures showed an annualized funding rate near 0%, signaling low demand for long positions and bearish sentiment among traders. Put options traded at a premium relative to call options, with the delta skew reaching 12% on Thursday, indicating unease among market participants.

Market Competition and Performance

While Solana leads in decentralized exchange (DEX) volumes through platforms like Pump, Raydium, and Orca, it faces growing competition in perpetual contracts from blockchains such as Hyperliquid. Hyperliquid and similar networks handled over 80% of the seven-day perpetual contracts volumes, according to DefiLlama data.

Solana's network fees totaled $20.8 million over 30 days, compared to $9.1 million for BNB Chain, which has a total value locked (TVL) of $5.7 billion versus Solana's $6.9 billion. BNB's market capitalization stands at $88 billion, while SOL's is $51 billion, reflecting a 42% discount.

The launch of an S&P 500 Index perpetual futures contract on Hyperliquid, developed by Trade[XYZ] for users outside the United States, has contributed to weaker demand for SOL-based products. This development adds to the $1.1 billion in tokenized equities markets.

Multiple companies holding SOL in their digital asset treasuries are currently underwater, exacerbating negative sentiment. Weak onchain data and bearish derivatives markets suggest that a SOL price recovery above $110 will take longer than anticipated, based on CoinTelegraph's reporting.