The first quarter of 2025 saw mixed results for the Solana blockchain. While app revenue surged by 20%, reaching $1.2 billion, a dramatic 64% decrease in total value locked (TVL) was observed in DeFi projects, falling from $18.3 billion to $6.6 billion. This trend reveals contrasting dynamics within the Solana ecosystem. Analysis shows that Solana’s growing app revenue is largely driven by speculative trading and new token launches, while DeFi TVL experienced a significant decline. 145% growth in stablecoin usage suggests strong demand for stable assets on the network. However, the number of unique users paying fees dropped by 22%, highlighting a possible disconnect between increased trading activity and active user engagement. This suggests potential opportunities for Solana’s ecosystem to adapt and further attract users.