Solana’s first-quarter business numbers stayed strong even as the token itself has come under fresh pressure in recent days. For Q1, Solana’s chain-level GDP — the sum of app revenue generated across the network — reached $342.2 million, according to Messari. That is a solid jump, especially alongside a 43% quarter-on-quarter increase in tokenized real-world assets on Solana, now crossing $2.01 billion in value.
Digging into the detail, Pump.fun, the memecoin launchpad, was the single largest contributor, with $124.7 million accounting for more than a third of total app revenue. DEX spot trading on Solana saw volumes near $284.5 billion for the quarter.
Despite these operating gains, SOL has sold off sharply in recent days. Importantly, that pullback tracks with falling futures open interest — dropping from about $6.77 billion to $5.45 billion — rather than any decline in the Q1 business picture.
The fast unwind is a sign traders are rotating out of leveraged positions as risk appetite thins, while the underlying chain activity looks robust on the reported numbers. For Solana, it is a clear split: fundamentals remain strong, but market behavior is being set by positioning and short-term deleveraging, not by weakness in the core on-chain business.