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Memecoin trading on @Solana once drove the blockchain's revenue spike but its spot trading volume fell from 40% to 16% from H1 2025 to H1 2026. As that faded, something interesting happened: our H1 2026 analysis shows stablecoin swaps grew from 6% to 19% of spot volume, and general trading rose from 41% to 53%. Despite falling revenue, Solana now dominates equity token trading (~97% of onchain spot RWA volume) and out-earns Ethereum in absolute revenue — at roughly 22% of ETH's market cap.