Solana generated $2.85 billion in revenue over the past year, from October 2024 to September 2025, according to a report from 21Shares, a Switzerland-based asset management firm. This was driven by robust activity across its network, with monthly revenue averaging $240 million and peaking at $616 million in January 2025 during a memecoin surge led by tokens like TRUMP. Even after the frenzy cooled, revenue stabilized between $150 million and $250 million monthly, indicating sustained demand.
Trading platforms, including apps like Photon and Axiom, were the primary revenue engine, accounting for 39% or $1.12 billion of the total. Other contributors included decentralized finance (DeFi), memecoins, AI applications, DePIN, launchpads, and trading tools, showcasing a diverse ecosystem. The report highlights that Solana's revenue is 20–30 times higher than Ethereum's at a comparable stage—five years post-launch, Ethereum averaged under $10 million monthly. Solana also boasts 1.2–1.5 million daily active addresses, roughly triple Ethereum's count at the same lifecycle point.
Additionally, nearly $4 billion in SOL is held on public company balance sheets, with 18 entities like Forward Industries and Solmate amassing 17.8 million SOL tokens. Spot Solana ETF applications from firms such as Fidelity, VanEck, and Grayscale are pending SEC decisions, with deadlines in October 2025. On Polymarket, bettors assign a 99% chance of approval by year-end, though a U.S. government shutdown may cause delays. Upcoming upgrades like Firedancer and Alpenglow aim to enhance scalability, positioning Solana for greater institutional adoption.