Solana's blockchain ecosystem reported a chain GDP of $1.2 billion for the first quarter of 2025, marking a 20% increase from the previous quarter. The surge was driven by memecoin trading, especially tokens like TRUMP and MELANIA, and January alone contributed $699 million to the quarterly total. Solana led all blockchains in weekly DEX volume for five consecutive weeks. Pump.fun generated $257 million in revenue, Phantom $164 million, and Jupiter $80 million, together making up over 40% of Solana's Q1 revenue. PumpSwap was launched in March to support advanced memecoin trades. Raydium accounted for 31% of spot DEX volume, while Jupiter held 24% of spot and 79.2% of perpetuals market share. Solana's application revenue capture ratio rose to 142.8%. Kamino led in TVL with $1.6 billion, and TVL in SOL terms increased 18% to 53 million SOL. The stablecoin market cap on Solana rose 145% quarter-on-quarter to $12.5 billion, with USDC reaching $9.7 billion—four times the size of USDT. Stablecoins became the primary trading pair on Solana DEXs. Over $175 million in assets flowed into Solana from other chains in the last week of the quarter, including more than $90 million from Ethereum. NFT trading on Solana saw daily volumes of $1.8 million, with Magic Eden's volume declining 27%. Star Atlas invested in Shaga, a decentralized cloud gaming platform. The Solana Foundation is set to host the Accelerate conference in New York in May 2025. In the broader crypto market, stablecoins moved over $6 trillion in Q1 2025, and the total stablecoin market cap surpassed $244 billion. Coinbase joined the S&P 500, and Bitcoin remained above $100,000.