Virtuals Protocol Faces Sharp Revenue Decline After Solana Expansion
Virtuals Protocol, a blockchain-based AI platform, has seen its revenue collapse despite expanding from Coinbase’s Base network to Solana.
Once generating over $1 million in daily earnings on January 2, its revenue has now plunged to under $35,000, according to recent data.
Activity on Base has been particularly weak, with earnings staying below $1,000 for ten days straight after peaking at $859,000 in October. On February 27, the platform brought in just $28,492 from Base and $6,300 from Solana.
Initially making waves with AI agents capable of managing crypto wallets and tipping social media users, Virtuals Protocol extended its reach to Solana on January 25. However, its adoption has been sluggish, and Solana’s credibility has taken a hit following a series of failed presidential memecoins.
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At present, around 170,000 wallets hold Virtuals agent tokens on Base, whereas Solana accounts for roughly 11,000. Trading activity has also dwindled, with only 7,642 wallets making transactions on February 27.
Virtuals Protocol’s native token has dropped over 14% in 24 hours, in line with a broader market slump that has seen Bitcoin lose 20% of its value due to escalating global trade tensions. The project itself has also lost ground in rankings—once positioned 68th by market cap when announcing its move to Solana, it has now slipped to 92nd.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
