RWA Capitalization on Solana Surpasses $2 Billion

RWA on Solana rose 43% to $2.01 billion in Q1.

By the end of the first quarter, the volume of real-world tokenized assets (RWA) on the Solana network increased by 43%, reaching $2.01 billion, according to a report by Messari.

Three assets had the most significant impact on the segment:

• BlackRock BUIDL: capitalization doubled to $525.4 million following the integration of custodian Anchorage Digital;
• PRIME: increased by 124% to $361.2 million, supported by the Kamino protocol;
• ONyc: rose by 101%, reaching $145.4 million.

Analysts noted the diversification of the credit market. Deposits in PRIME on the Kamino and Jupiter Lend platforms accounted for 13% of the total volume.

DeFi Segment and Application Revenue

The total value locked in Solana fell by 22% to $6.16 billion. Messari attributed this to a 33% drop in the price of SOL (from $124.44 to $83.11), rather than a user exodus.

The blockchain’s share of the overall DeFi market remained stable at 6.7%. The largest protocols were Kamino ($1.72 billion) and Jupiter ($1.69 billion).

Application revenue for the quarter totaled $342.2 million. Pump.fun remained the leader with $124.7 million (+17%). The trading app Axiom ranked second with $42.4 million.

The report highlights the development of infrastructure for payments and AI agents. The x402 protocol was adopted by major providers, including Alchemy and QuickNode.

User Behavior and Stablecoins

Researchers observed an acceleration in trading: the average token holding time decreased from 81 to 57 seconds. Analysts linked this to the popularity of short-term trades in the meme coin segment.

The volume of stablecoins on Solana reached $14.85 billion (third among blockchains):

• USDC: $7.83 billion (-21%);
• USDT: $2.89 billion (+34%);
• USD1: $883.5 million (+473% following inflows from Binance).

The main event of the quarter was the plan to implement the Alpenglow update in the Agave 4.1 release. It proposes replacing the Proof-of-History and Tower BFT mechanisms with Rotor and Votor. This is expected to reduce transaction finalization time from 12.8 seconds to 150 milliseconds.

The total number of coins locked in staking reached a historic high of 424.7 million SOL.

By the end of the quarter, corporate balances held 18.6 million SOL ($1.54 billion).

In May, trading volume on decentralized exchanges on the Solana network fell to 94% relative to Ethereum’s figures.