Solana generates top network revenue as tokenized equity adoption surges

Solana led all major layer-1 and layer-2 networks in fee generation for the fifth consecutive week, recording $6.54 million between 12 and 18 October. That total was more than double BNB Chain's $3.23 million and exceeded Ethereum's $2.87 million and Bitcoin's $1.5 million, representing 38% of total blockchain fees, even as aggregate market revenue trended downward.

Data from Blockworks shows that wallet addresses holding tokenized stock products on Solana reached approximately 1.4 million. The count rose sharply from under 500,000 in early September, following slower growth from roughly 100,000 in late 2025 to 300,000 in July 2026. The article notes that while individual users often hold multiple wallets, user growth has not directly offset broader declines in network revenue.

In contrast to on-chain metrics, SOL experienced a 15% price drop from around $122 to $104 in under three weeks, though it remains up nearly 70% from its June levels. Indicators reflect slowing demand, with the RSI falling to 38 and the Chaikin Money Flow slipping into negative territory at -0.14.