#solanaalpenglow升级将于10月21日激活
Nearly $97 million more in one quarter: Solana app revenue rose 48%, but nobody can verify the figures 📊
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According to Solana, application-layer revenue in the third quarter was $299.1 million, up 48% from approximately $202 million in the second quarter. The figures cover July through September, with a net increase of about $97 million for the quarter.
The problem is the lack of detail. There’s only a total—no methodology, no breakdown by app, and no independent third-party verification. The network hasn’t explained exactly what the $299.1 million includes: protocol fees, app charges, or MEV revenue. It also hasn’t said whether there’s any double counting. And to be clear, this is money earned at the application layer, not by the Solana protocol itself. The two shouldn’t be conflated.
A 48% rise looks impressive, but fees are denominated in SOL, so the dollar figure can be amplified by the token’s price. The report doesn’t separate how much came from genuine growth in on-chain activity and how much was just a conversion effect. If the increase is concentrated in two or three high-volume apps, users leaving just one app could wipe out the quarter’s growth.
On a daily basis, that works out to about $3.3 million in revenue per day in the third quarter, compared with roughly $2.2 million in the second quarter—a daily increase of $1.1 million. But this is revenue at the application layer, not profit, so it can’t be used directly to value SOL. And 48% is just quarter over quarter; the report itself acknowledges that it can’t confirm the year-over-year trend.
Meanwhile, the price hasn’t kept up at all. Solana is currently at $104.21, down 0.78% in 24 hours and 5.13% over the week, with a market cap of about $61.4 billion. Annualized, the quarter’s $299.1 million comes to roughly $1.2 billion—less than 2% of its market cap 🦖
A catalyst is just around the corner: the Alpenglow upgrade activates on October 21, targeting a reduction in finality from 12.8 seconds to 150 milliseconds—about 85 times faster. But it addresses performance, not demand. The key things to watch are whether fourth-quarter revenue can top $299 million and when a breakdown by app will be provided ⚠️
My take: this looks more like a report card that deserves a discount. The growth may be real, but 48% shouldn’t be treated as a fundamental turning point just yet 📉
Do you think this 48% reflects real demand, or is it a one-off boost? Let’s discuss in the comments 👀
Tap the profile picture to watch the livestream
Every day, I’ll help you follow the crypto trends—not just what’s happening, but also the logic and opportunities behind the headlines 🚀
Nearly $97 million more in one quarter: Solana app revenue rose 48%, but nobody can verify the figures 📊
📣 盘面异动群里喊
According to Solana, application-layer revenue in the third quarter was $299.1 million, up 48% from approximately $202 million in the second quarter. The figures cover July through September, with a net increase of about $97 million for the quarter.
The problem is the lack of detail. There’s only a total—no methodology, no breakdown by app, and no independent third-party verification. The network hasn’t explained exactly what the $299.1 million includes: protocol fees, app charges, or MEV revenue. It also hasn’t said whether there’s any double counting. And to be clear, this is money earned at the application layer, not by the Solana protocol itself. The two shouldn’t be conflated.
A 48% rise looks impressive, but fees are denominated in SOL, so the dollar figure can be amplified by the token’s price. The report doesn’t separate how much came from genuine growth in on-chain activity and how much was just a conversion effect. If the increase is concentrated in two or three high-volume apps, users leaving just one app could wipe out the quarter’s growth.
On a daily basis, that works out to about $3.3 million in revenue per day in the third quarter, compared with roughly $2.2 million in the second quarter—a daily increase of $1.1 million. But this is revenue at the application layer, not profit, so it can’t be used directly to value SOL. And 48% is just quarter over quarter; the report itself acknowledges that it can’t confirm the year-over-year trend.
Meanwhile, the price hasn’t kept up at all. Solana is currently at $104.21, down 0.78% in 24 hours and 5.13% over the week, with a market cap of about $61.4 billion. Annualized, the quarter’s $299.1 million comes to roughly $1.2 billion—less than 2% of its market cap 🦖
A catalyst is just around the corner: the Alpenglow upgrade activates on October 21, targeting a reduction in finality from 12.8 seconds to 150 milliseconds—about 85 times faster. But it addresses performance, not demand. The key things to watch are whether fourth-quarter revenue can top $299 million and when a breakdown by app will be provided ⚠️
My take: this looks more like a report card that deserves a discount. The growth may be real, but 48% shouldn’t be treated as a fundamental turning point just yet 📉
Do you think this 48% reflects real demand, or is it a one-off boost? Let’s discuss in the comments 👀
Tap the profile picture to watch the livestream
Every day, I’ll help you follow the crypto trends—not just what’s happening, but also the logic and opportunities behind the headlines 🚀