| Solana Dominates Blockchain Revenue Despite Activity Drop Solana (SOL) remains the top blockchain by on-chain revenue, even as meme coin activity on its network has dropped over 80% from its peak, according to Blockworks Research. Despite the decline, Solana dApps still drive more than 70% of total blockchain revenue. Syndica reports that in March alone, Solana-based applications generated 46% of all on-chain earnings across networks.
sUSD Depegged Following Repair Mechanism Changes Synthetix’s stablecoin, sUSD, went down by 5.8% in 24 hours following a sharp depeg triggered by changes to its anchor repair mechanism. Founder Kain Warwick revealed he sold 90% of his ETH to increase his SNX holdings. The shift to new mechanisms, which are largely focused on crypto asset backing, has caused short-term volatility but aims to restore the peg long-term. The SIP-420 upgrade has also reshaped debt and arbitrage incentives, leading to a temporary oversupply of sUSD and shifting market dynamics.
Bitcoin Hovers Above $85K, SOL & TRUMP Lead Altcoins Bitcoin (BTC) hit a weekly high of $86,500 midweek before facing resistance and dipping, only to bounce back following Fed Chair Jerome Powell’s comments on Trump’s trade war plans. While BTC’s market cap stands at $1.69 trillion, with dominance at 61%, most major altcoins saw modest gains. ETH, XRP, DOGE, BNB, and ADA all rose by around 1% or less. Solana (SOL) led the large-cap group, rising 3.7% to $140. The biggest mover was TRUMP, a meme coin tied to the U.S. President, which jumped nearly 12% to over $8.50. TAO, IMX, FLR, and HYPE also saw daily gains of up to 8%. The total crypto market cap holds steady at $2.78 trillion.
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