Solana’s Core Economy Takes a Hit But Stablecoins Save the Day!

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So, here’s the deal: Solana’s having a rough patch. It’s like that one guy who always talks big about his plans, but when it’s time to deliver, he’s nowhere to be found. Active addresses? Down by 30%. Operational efficiency? A pitiful 40% drop in Q3. That’s not just a slowdown-that’s a full-on traffic jam at rush hour. 🚗💨

But hold on-don’t reach for the smelling salts just yet. It’s not all doom and gloom. Apparently, stablecoins came to the rescue. Who knew they had it in them? Stablecoins, the unsung heroes of the crypto world, swooped in like your dad when you’ve got a flat tire. 👨‍🔧

Solana’s Network Health Q3

So, the DeFi Report Q3 2025 tells us that economic activity on the Solana network was down for the second quarter in a row. Like, does it ever get a break? Real Economic Value (REV) dropped by 18%, down to $222.7 million. Real Onchain Yield? Oh, that took a nosedive too-plummeting by 48%. It’s like a bad reality show. The only thing going up? The total value locked, which rose 33%. But seriously, that’s not enough to stop the ship from leaking. 🚢💸

And despite all this, staking rewards are hanging in there, mostly thanks to SOL issuance. How nice of SOL to keep its head above water and make up 93% of the returns. But let’s be real, the real star here is stablecoins. Keep reading to see how they saved the day. 💪

Network fundamentals? A bit of a mixed bag. Total SOL staked up by 3.13%. TVL up by 33%. Sounds good, right? Well, not so fast. Solana’s network GDP is down 6.8%. Active addresses? Dismal. DeFi Velocity? Yep, that’s down 18%. It’s like a bad breakup-nothing’s going right, and you’re stuck in the “why even bother?” phase. 💔

The cost to produce $1 of real economic value? Oh, just 41% more expensive now, sitting at $5.74. Good luck explaining that one to your accountant! 🧾

Now, onto the good news: stablecoins. The DeFi Report founder, Michael Nadeau, says despite the FUD (fear, uncertainty, doubt), Solana’s stablecoin supply shot up 37%, hitting a solid $14.6 billion. USDC is now king, making up 69% of all stablecoins on the network. There’s even a stablecoin called USX that saw its supply grow by 235% in September. So, yeah, some silver linings, folks. ✨

DeFi’s not all bad either. DEX volumes went up by 7.2%. The catch? Trading platform revenue took a 5% dip, and new token launches dropped 19%. But hey, at least something’s going up, right? And Private AMMs (automated market makers) saw a 69% increase in volume. So, there’s that. 📈

Tokenomics? A bit of a mess. SOL issuance fell by 2.98%, burned SOL went down by 9%, and circulating supply crept up by 1.74%. It’s like when you try to lose weight, but the scale just won’t budge. And despite some market cap growth and a surge in stablecoin usage, Solana’s monetization struggles continue. Time to rethink your strategy, maybe? 🤔

Growth Curve

Now, don’t go thinking Solana’s entirely doomed. It’s not all bad. While the short-term metrics look like a car wreck, it’s actually outpacing Ethereum in long-term growth. Surprising, right? Solana raked in $2.85 billion in revenue from October 2024 to September 2025. Ethereum, in its early days? Yeah, it made 50 times less. Ouch. Solana’s figuring out ways to cash in on sectors like DeFi, AI, real-world assets, and even the meme coin craze. Something Ethereum missed. 🤑

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2025-10-20 22:09