Castle Labs Report Ranks Solana First for App Revenue as RWA Value Holds at $4.4 Billion

Castle Labs, a crypto research firm, published "Solana: Building the Full-Stack Onchain Economy" on 15 October 2026. The report ranks Solana first among blockchains for app revenue and says tokenized real-world assets (RWAs) on the network grew more than sixfold in a year. Both headline figures trace back to public dashboards, and both hold up when checked. What the report leaves out is that Solana's RWA value has been flat for the past month.

Solana app revenue leads Hyperliquid and Ethereum on DefiLlama

Castle Labs reports that Solana apps earned $193.1 million over the trailing 30 days, against $86.5 million for Hyperliquid L1, $53.8 million for Ethereum and $34.6 million for Robinhood Chain. The report's text names no data provider, but the chart behind those figures credits DefiLlama and is dated 15 October 2026.

DefiLlama's app revenue by chain table, checked on 16 October, shows the same order at lower totals: Solana at $163.06 million, Hyperliquid L1 at $75.8 million and Ethereum at $55.67 million over 30 days. Solana's lead over Hyperliquid L1 is about 2.2 to 1 in both readings. DefiLlama's measure excludes stablecoins, liquid staking apps and gas fees, and adds up every app on a chain, so the Hyperliquid L1 line covers more than the Hyperliquid exchange alone.

Castle Labs estimates that consumer apps (launchpads, trading terminals, wallets and collectables) earn about 80% of Solana's app revenue. Pump.fun alone took about $39 million over 30 days, roughly 20% of the chain's total, according to the report. Solana also led in Q2 2026, when its dApps earned $257 million.

Solana consumer app revenue: Castle Labs' durability test and our DEX volume

Castle Labs rests its durability case on a weekly floor. Between October 2025 and October 2026, weekly consumer-app revenue on Solana ranged from $13.5 million to $42.6 million, with a median of $18.2 million, the report says. Eight of the top 10 consumer apps from Q4 2025 were still in the top 10 in Q3 2026, and the top three's share of revenue fell from 64% to 50.2%. The report concedes the category "depends on memecoins", and its newest entrant shows the risk: StonkFun earned $27 million in September, but its 7-day average had fallen to about $490,000 a day, roughly 21% of its peak, per Castle Labs.

Castle Labs describes this revenue as "a cut of speculative memecoin volume", and that volume has cooled. Solana DEX volume averaged about $6.2 billion a day in the week to 21 September and about $3.5 billion a day in the week to 14 October, according to Solana Compass DEX analytics. A 30-day revenue total taken in mid-October still includes September's busier weeks.

Solana RWA value matches rwa.xyz at $4.39 billion, flat over 30 days

Castle Labs reports that Solana's RWA market grew from $700 million to $4.3 billion in a year, while Ethereum's rose 7% from $15.5 billion to $16.6 billion. On those figures Solana went from 4.5% of Ethereum's RWA value to 26%. The report's chart credits rwa.xyz, and rwa.xyz's Solana page showed $4.39 billion in distributed asset value on 16 October, in line with the report.

The same page shows that value down 0.11% over 30 days, so the growth Castle Labs describes happened earlier in the year. Usage kept rising through the flat month. RWA holders on Solana rose 46.47% to 907,329 over 30 days, and 30-day RWA transfer volume rose 47.28% to $9.09 billion, according to rwa.xyz. Castle Labs credits StonkFun, a launchpad that uses a per-trade tax to buy stocks for memecoin holders, with lifting RWA holder counts, but does not size the effect. Solana's RWA market first crossed $4 billion in August.

Tokenized stocks on Solana are below their September peak

Castle Labs writes that tokenized stocks on Solana rose from $63 million to $455 million, led by issuers such as xStocks AAPLx$343.50-1.0% and Backpack. The report's own rwa.xyz-sourced chart gives a later figure of $489.5 million, after a peak of $540.3 million on 3 September 2026. xStocks alone accounts for $421.3 million, per rwa.xyz, and Castle Labs counts "over $65 million in tokenised equities earning yield", mostly xStocks used as collateral on Kamino Finance KMNO$0.040+23.5% and Jupiter Lend. More supply is coming: Securitize announced 12 tokenized US equities on Solana on 8 October.

Solana stablecoin supply: $16.3 billion per Castle Labs, $15.02 billion per rwa.xyz

Castle Labs puts Solana's stablecoin supply at $16.3 billion, up about 6-7% year on year, using DefiLlama data. rwa.xyz shows a $15.02 billion stablecoin market cap on Solana, up 4.23% over 30 days. The report does not reconcile the two. Its stablecoin mix counts BlackRock's BUIDL, a tokenized money market fund, among the new issuers alongside USD1 and USDGO, which together added $3.5 billion. Castle Labs says only about $5.6 million of that new supply is deployed in DeFi, while USDC's share of Solana stablecoins fell from 72% to 42% (43.6% in the report's chart).

The Castle Labs report has no methodology section or disclosure statement, and its text and charts differ in places. Its two central rankings, app revenue and RWA growth, come from DefiLlama and rwa.xyz, and both still hold on 16 October data.