URGENT UPDATE: The Solana network is experiencing significant economic challenges as recent data reveals a sharp contraction in its economic activity for the second consecutive quarter. According to the latest findings from The DeFi Report Q3 2025, Solana’s active addresses plummeted by 30%, while operational efficiency collapsed by over 40%.
The report highlights a stark decline in on-chain fundamentals, with Real Economic Value dropping 18% to $222.7 million and Real Onchain Yield plummeting 48% to just 0.47%. Total Onchain Yield averaged 7.08% APY, reflecting a 10.8% decrease from the previous quarter. This downturn in user monetization underscores pressing concerns for Solana’s economic health.
Despite this downturn, there is an astonishing surge in stablecoin activity on the network. The total stablecoin supply soared by 37% to $14.6 billion, primarily fueled by USDC, which grew 39.6% and now represents 69% of all stablecoins on Solana. This surge correlates with a 50% increase in average daily stablecoin transfer volume, which now stands at $752 million, signaling a healthier transactional environment.
The mixed economic signals continue. While the total value locked in DeFi rose by 33% to $11.5 billion, Solana’s network GDP fell by 6.8% to $909 million. The cost to generate $1 of real economic value skyrocketed by 41% to $5.74, indicating declining operational efficiency.
“Despite ongoing challenges, Solana has achieved remarkable growth in stablecoin adoption and DeFi activity,”
stated a representative from The DeFi Report. However, the report warns of ongoing monetization headwinds amid shrinking on-chain activity.
Looking forward, Solana’s long-term growth trajectory remains promising. It has outpaced Ethereum’s early growth curve, achieving $2.85 billion in revenue between October 2024 and September 2025—over 50 times more than Ethereum at a similar stage. By diversifying into sectors like DeFi and AI, Solana demonstrates potential that Ethereum could not capitalize on during its formative years.
As the network grapples with these immediate challenges, the focus will be on how it can leverage the stablecoin surge to stabilize and enhance its economic performance. Stakeholders are urged to closely monitor these developments in the coming weeks.
Stay tuned for more updates on this rapidly evolving situation in the world of blockchain and cryptocurrency.
