Solana's Ecosystem Activity Continues to Decline Amid Geopolitical Tensions

The Solana network's application layer revenue hit an 18-month low, generating less than $20 million in aggregate over the past week, according to DeFi Llama data.

This marks a sharp reversal from mid-May last year, when Solana apps generated $83 million in cumulative weekly revenue as meme coin mania drove fees sharply higher for flagship apps such as Pump.fun.

However, launches are continuing. Backpack, an on-chain margin account for traders, launched its official Backpack (BP) token on Solana on March 24 and currently trades at a market capitalization of roughly $47 million, according to CoinMarketCap data.