The Solana (SOL) blockchain generated over $1.5 billion in network revenue in 2025, outpacing both Ethereum (ETH) and Hyperliquid (HYPE). According to data from Blockworks Research, Hyperliquid placed second with $780 million in revenue, while Ethereum followed with $690 million. Combined, the revenue of Ethereum and Hyperliquid still fell short of Solana's total for the year.
Solana co-founder Anatoly Yakovenko celebrated the milestone on social media, highlighting the network's design philosophy. "With a median user transaction fee less than a penny. Increase capacity, reduce costs," Yakovenko wrote. This approach of prioritizing high throughput and low fees has driven massive transaction volume, which in turn has generated substantial total revenue from sheer scale.
The revenue surge is attributed to enormous on-chain activity, driven by meme coin trading, DeFi applications, and consumer apps. In August 2025 alone, Solana processed 2.9 billion transactions—a figure that equals the total number of transactions Ethereum has processed in its entire history since launching in 2015. This demonstrates Solana's superior scalability and higher throughput.
This high revenue signals a healthy and vibrant on-chain economy, which could attract more developers, applications, and institutional investors. The success is further bolstered by the launch of Solana exchange-traded funds (ETFs) in October 2025, which have seen 17 consecutive days of inflows, potentially fueling further price momentum for SOL.
In a related development, investor Anthony Scaramucci predicted that Solana's rapid growth and network activity could eventually push its market capitalization above Ethereum's. He emphasized Solana's low fees and developer-friendly environment as key adoption drivers but clarified that this outlook is not negative toward Ethereum, suggesting both networks can grow together as part of a diversified crypto portfolio.
