Memecoin platform Pump.fun posted $124.7 million in revenue in the first quarter, keeping its spot as the top-grossing app in the Solana ecosystem.

A recent Cointelegraph report said the figure exceeded one third of Solana’s total first-quarter app revenue of $342.2 million.

Pump.fun revenue rose 17 percent from the previous quarter even as memecoin activity slowed. Messari, in its Solana first-quarter report, said Pump.fun’s core business remained solid. Total revenue in the launchpad segment came to $144.0 million, accounting for about 42 percent of total app revenue across the Solana ecosystem.

In the launchpad segment, Bags showed notable growth excluding Pump.fun. Bags posted quarterly revenue of $11.5 million, up 1,347 percent. The surge seen in January on the spread of AI-themed memecoins did not last, and monthly revenue in February fell 85 percent.

Solana is also expanding its user base beyond memecoins. BlackRock, Visa and JPMorgan are expanding their use of Solana in payments and tokenisation ecosystems. Lily Liu (릴리 리우), head of the Solana Foundation, said in a recent interview that memecoins do not define Solana.

The fastest-growing segment in the Solana ecosystem in the first quarter was trading apps. Revenue in the segment rose 40 percent from the previous quarter to $79.0 million. Axiom ranked as Solana’s second-highest-grossing app with $42.4 million.

Real-world assets also grew. The market capitalisation of Solana-based real-world assets rose 43 percent in the first quarter to top $2.0 billion. BlackRock’s BUIDL doubled to $525.0 million after Anchorage Digital began supporting custody.

By contrast, total value locked in DeFi fell 22 percent to $6.16 billion. Messari researchers said the decline was driven more by a 33 percent drop in the price of SOL than by users leaving.