
Solana’s biggest revenue driver is something its founder openly dislikes. Is that a problem?
Memecoins generated 62% of Solana’s dApp revenue in the first half of 2025. $1.6 billion. Whether you like memecoins or not that number is hard to ignore.
What is interesting is that Anatoly Yakovenko has been openly dismissive of it. He called memecoins “digital slop” on X and said on the All-In Podcast that it was “annoying” how successful they had become given Solana’s actual mission, which was always to move traditional finance on chain at NASDAQ speed. He framed the memecoin boom as a byproduct of slow regulation rather than something the ecosystem intentionally built toward.
That creates a real question about Solana’s identity. The chain is being used heavily for something its leadership does not believe in, by a user base that is generating the majority of its revenue. What happens to those users and that activity when the regulatory environment shifts and Solana pivots toward the institutional use cases it actually wants?
Nota a memecoin bull. Just think this is worth talking about.