The Solana network generated more than $2.85 billion in revenue between October 2024 and September 2025, this follows the 21shares report. Experts noted that the network’s revenue sources were DeFi protocols, memcoins, DePIN solutions, AI applications and trading tools.

The highest monthly figure was $616 million in January 2025. It was mainly driven by memcoins, particularly the launch of Trump Coin (TRUMP). But even after the downturn, the network remains active, with monthly revenue keeping between $150-250 million, the statement said.

Onchain trading services form the largest share of Solana’s revenue, according to 21shares. They generated $1.12 billion over the past year – 39% of the total. For example, Photon and Axiom combined to generate up to $260 million in revenue in January.

In addition, analysts noted that Solana generated almost as much revenue in a year as Palantir ($2.8 billion) or Robinhood ($2.95 billion).

However, from October 2022 through September 2023, the network’s total revenue was just $13 million. Already, the figure has grown 220 times between 2024 and 2025. More than $3 billion in Solana is now held on the balance sheets of public companies, and the SEC is already considering an application to launch a spot ETF on Solana in the U.S., the statement said.

Ethereum comparison

21shares emphasized that Ethereum in 2019-2020, at a similar stage of development, had monthly revenues in the range of $10 million. Solana now exceeds these figures by 20-30 times, and in some months — more than 50 times.

In addition, the ecosystem operates in a much more competitive environment. In 2025, the network recorded 1.2-1.5 million active addresses per day against about 500,000 in Ethereum in 2019-2020.

Recall, earlier investment director of Bitwise Asset Management Matt Hougan called the Solana blockchain “the new Wall Street” and explained that it is the technological advantages of the network that make it particularly attractive to institutional investors.