The number of traders swapping assets on Solana’s blockchain has been dwindling all year.
Since its celebratory peak the day before Donald Trump’s presidential inauguration, the number of Solana wallets interacting with non-custodial decentralized exchanges (DEXs) has declined 85% from 4.8 million to 700,000.
Year-to-date, strictly measured, daily DEX traders on Solana are down 79%.
Over the same time period, other metrics of network health are even worse for the world’s fifth most valuable blockchain.
Solana spot DEX trading volume has declined 95% from its $38.4 billion peak on January 19 to under $1.7 billion yesterday, while across the same dates, total Solana application revenue has crashed 96% from $40.6 million to under $1.4 million.
Similarly, transaction fees and out-of-protocol tips by Solana users have declined 98% from $56.8 million on the eve of Trump’s inauguration to under $660,000 yesterday.
Trump’s second term has been a disaster for Solana
In early January, sentiment in the crypto industry was far more bullish and optimistic with Trump’s second term apparently heralding good news for bitcoin (BTC) and the space in general.
Indeed, in the months leading up to his second stint in the White House, BTC doubled in price to an all-time high of $109,300 while Solana (SOL) hit its own all-time high of $295 on the eve of his inauguration.
Sadly, SOL hasn’t regained that market capitalization and remains $50 billion less valuable today.
Read more: Solana receives backlash for Ethereum-NASDAQ comparison
The collapse is in spite of the incoming president’s specific endorsement of Solana over any other blockchain, including Ethereum.
He promoted his memecoin, Official Trump, alongside the first lady’s MELANIA on Solana.
All of January’s excitement has faded, with Trump’s inauguration marking the peak of not only the crypto industry generally, but also of Solana’s DEX activity levels.
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