$SOL total app revenue dropped 41.8% last quarter.

Sounds bearish until you look at the app revenue capture ratio (how much apps earn per dollar spent in transaction fees) which went from 262% to 375%.

➢ For every $1 in network fees, applications pulled in $3.75 in revenue

➢ Activity cooled but monetization per unit of activity got significantly better

That's the difference between a chain losing momentum and a chain getting more capital-efficient.