1/ More transactions. Lower fees. Solana fees in 2026 YTD: 1.37M SOL ($139.5M). Activity rose in March while fees fell. February generated 482,876 SOL ($41.7M); March fell to 406,568 SOL ($35.5M, -15.8%). But transaction count rose — 3.41B -> 3.67B (+7.4%). Failure rate flat at ~26.9%, so the drop is purely cost compression, not reliability. Biggest driver: DEX trades. ~29-31% of successful transactions, but ~63% of successful fees. DEX txns rose +13.5% (723M -> 820M), yet DEX fees fell -16.2% (234.7K -> 196.7K SOL). More trades, less fee per trade — DEX transactions are ~2x more fee-intensive than network average. Dashboard: research.topledger.xyz/rev @toly @vibhu