1/ July was a strong month for @solana, with onchain activity showing resilience across various fronts: - Real Economic Value: $87M, +38% MoM - App Revenue: $161M, +50% MoM - DEX Volumes: $115B, +42% MoM - Stablecoin Supply: $11.46B, +6.6% MoM Let's dive into the data 👇

2/ Solana's REV hit $87M in July, up 38% MoM. For the first time ever, Hyperliquid (HyperCore + HyperEVM) surpassed Solana in monthly revenue ($88M vs. $87M). July's market share snapshot: - Hyperliquid: 26.9% - Solana: 26.5% - Tron: 18.7% - Ethereum: 16.8% - Others: 11.1%

3/ Solana apps generated ~$161M in revenue in July, up 50% MoM. Top apps by revenue: - Axiom: $41M (26%) - Letsbonkfun: $37M (23%) - Pump: $17M (11%) - Raydium: $16M (10%) Note that we are tracking a subset of apps, so actual revenue may be higher.

4/ Solana DEX volumes amounted to $115B in July, a 42% MoM increase. Memecoins accounted for about 49% of the total volume, while the SOL-USD pair came in second at 36%. Zooming out, DEX volumes are up 59% YoY, up from $72B in July 2024.

5/ Regarding DEX dominance, Raydium leads overall volumes with 35% market share. Meteora's trading volume surged 150% MoM, reaching $20B in July, positioning it the second-leading DEX on the chain with 18% market share.

6/ Solana's stablecoin supply increased by 6.6% MoM, closing July at $11.46B. USDC circulating supply on Solana increased by about $650M in the past month. Meanwhile, USDG supply grew by 44% to $148M.

7/ Launchpad revenue on the network amounted to $68.4M in July, a 50% MoM increase. Letsbonkfun accounted for 55% of this figure ($37M), with Pump trailing at 22% ($15M).

8/ To stay updated on Solana's monthly developments, including in-depth discussions about the latest Solana Improvement Documents (SIMDs), onchain financials, DeFi activity, and more, subscribe to @blockworksres and check out my latest report.