Despite a challenging March, Solana’s ecosystem has demonstrated resilience, as highlighted in a recent Blockworks Research update. Revenue plummeted by 87% from January’s peak, alongside a 74% drop in decentralized exchange (DEX) volumes. However, engagement remained high with 74.3% voter participation in the historic SIMD 228 proposal, which led to a philosophical divide among validators. While small validators opposed the change, larger ones supported it, reflecting differing views on yield extraction and long-term sustainability. Meanwhile, the launch of SOL futures by CME and significant bridge inflows of $158 million suggest ongoing institutional interest. DeFi applications on Solana generated $131 million in revenue, maintaining their lead across ecosystems. March was a test of the ecosystem's robustness and the results indicate a growing engagement and institutional presence, despite volatility in SOL prices, which hover around $118 at publication.

Source 🔗