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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
