On-chain data reveals that Solana (SOL) has emerged as the dominant altcoin in 2025, leading the industry in network fee revenue and securing a top-three position in stablecoin market capitalization. According to analytics firm Nansen, Solana's projected on-chain fee revenue for 2025 is expected to reach $603.17 million, surpassing all other major blockchains.
The top five blockchains by fee revenue for 2025 are: Solana ($603.17M), TRON ($581.10M), Ethereum ($514.72M), BNB Chain ($259.00M), and Bitcoin ($172.28M). This performance is supported by massive network activity, with Solana recording over 1.05 billion active addresses and approximately 23.01 billion on-chain transactions, figures that exceed those of Ethereum, Bitcoin, and TRON.
In a separate but related development, Binance Research reports that Solana has become the third-largest stablecoin network in 2025. Data from DefiLlama and Binance Research shows Solana's stablecoin market cap reaching nearly $10.9 billion by mid-2025, narrowly overtaking BNB Chain's $10.5 billion. This places Solana behind only Ethereum (over $126 billion) and Tron (over $81 billion) in the stablecoin rankings.
This milestone underscores Solana's rapid evolution from a high-throughput trading chain into a major settlement layer for dollar-denominated liquidity. Growth has been fueled by increasing stablecoin usage across DeFi protocols, on-chain trading venues, payments, and consumer applications, supported by Solana's low fees and fast transaction finality. Binance Research notes that Solana's rise reflects expanding real-world usage, positioning the network as a key contender in the global stablecoin and payments landscape heading into 2026.
