Solana has taken the lead in x402 activity, surpassing Base after months of dominance by the latter network. Data from Artemis shows a significant increase in weekly x402 transactions and volume, allowing Solana to handle the majority of activity in this space. This marks the first time Solana has overtaken Base in both transaction count and volume for the x402 payment protocol, which enables AI agents and applications to utilize stablecoins for online services.
In addition to its payment protocol growth, Solana ranked first in app revenue during August. According to DeFiLlama data, the network generated $143 million in app revenue, accounting for 38% of total on-chain app earnings and outpacing Ethereum, Base, and the Hyperliquid layer-1 network.
Meanwhile, Solana validators previously approved a proposal that could reduce new SOL issuance by 18.9 million over the next six years, accelerating the network's path toward its 1.5% inflation target.
Following a recovery from the $70 range to above $100 in late August, SOL has entered a consolidation phase near $104. Technical indicators show the Relative Strength Index remaining above neutral, suggesting buyers maintain control despite a recent slowdown. Additionally, the Chaikin Money Flow remained positive, indicating ongoing buying interest as the network experiences rising activity and revenue.
