Solana’s blockchain ecosystem continues to show impressive strength, posting roughly $2.85 billion in annual revenue, according to Matt Mena, crypto research strategist at 21Shares.
In a blog post on Monday, Mena noted that the revenue, covering October 2024 through September 2025, underscores Solana’s growth as one of crypto’s fastest-expanding blockchain economies, even as the early-year memecoin frenzy has subsided.
Mena highlighted that Solana’s performance stems from its diversified ecosystem. Decentralized exchanges, trading platforms, lending applications, wallets, and emerging sectors such as DePIN and AI-driven apps all contributed significantly to network fees and usage.
Trading platforms Photon and Axiom were major contributors, generating approximately $1.12 billion—around 39% of total revenue. Still, Mena stressed that Solana’s long-term value lies in the breadth of its ecosystem rather than any single trend.
Even after the late-2024 trading peaks, monthly revenues have stabilized between $150 million and $250 million, reflecting steady demand for blockspace and consistent network activity beyond speculative trading.
For context, Mena compared Solana’s revenue to major Web2 platforms, noting it is approaching Palantir’s $2.8 billion and Robinhood’s $2.95 billion in 2024. He also contrasted Solana with Ethereum at a similar stage, pointing out that four to five years post-launch, Ethereum averaged under $10 million per month in revenue, highlighting Solana’s rapid monetization of on-chain usage.
Looking ahead, upgrades like Firedancer and Alpenglow aim to improve speed and scalability, potentially paving the way for greater institutional participation.
“Solana is no longer an experiment,” Mena wrote. “It’s a functioning digital economy showing real staying power.”
