MoonPay Commerce on-chain volume on Solana falls from $39.8M to $7.3M
- —Solana volume fell from $39.8M in January 2025 to $7.3M in September 2026
- —Full-year 2025 volume was $141.9M with $1.59M in fees
- —Trailing 12-month volume reached $90.7M and fees about $930K
- —The $175M Helio deal equals roughly 190 times trailing-year fees
Why it matters: The decline in on-chain activity raises questions about the payback on the $175 million Helio purchase, though the metric excludes MoonPay's broader business.
Source: TokenPost