Solana Pulls $2.85B in Annual Revenue, Outpacing Ethereum’s Early Growth by 30x

Solana has posted $2.85 billion in annual revenue, cementing its position as the fastest-growing blockchain of the year, according to a new report from Swiss asset manager 21Shares.

The bulk of that income was fueled by trading platforms, which accounted for $1.12 billion, or roughly 39% of total revenue.

Solana’s Revenue Peaked at $616M Amid January’s Memecoin Frenzy

Between October 2024 and September 2025, Solana averaged around $240 million in monthly revenue, peaking at $616 million in January during the memecoin mania driven by tokens such as Official Trump (TRUMP).

Even after the hype faded, monthly figures remained steady between $150 million and $250 million, levels unseen by any blockchain at a similar stage of development.

Validator fees across Solana’s ecosystem, spanning DeFi protocols, memecoins, AI applications, decentralized exchanges, and launchpads, continue to fuel the network’s financial strength.

Trading apps like Photon and Axiom led the charge, cementing Solana’s dominance as the leading high-performance blockchain for on-chain markets.

According to 21Shares, Solana’s revenue growth outpaces Ethereum’s early trajectory by more than 30 times.

Five years after launch, Ethereum generated under $10 million per month, while Solana now produces between $200 million and $250 million consistently.

The report attributes this to Solana’s low-cost, high-throughput design, which supports over 1.2 to 1.5 million daily active addresses, roughly triple Ethereum’s early user base.

The report also highlighted the rise of “Solana treasury companies,” public firms holding SOL as part of their corporate balance sheets.

Nearly $4 billion worth of SOL is now held by 18 tracked entities, including Forward Industries and Sharps Technology.

Nasdaq-listed Brera Holdings recently rebranded to Solmate after raising $300 million to build a Solana-focused treasury and infrastructure platform.

Meanwhile, market speculation is building around the potential approval of spot Solana ETFs. Applications from Fidelity, VanEck, Grayscale, and others await US Securities and Exchange Commission (SEC) decisions, now delayed by the government shutdown.

On prediction market Polymarket, traders are betting with 99% confidence that a Solana ETF will be approved before the end of the year.

Bitwise CIO: Solana Will Be Wall Street’s Go-To Network for Stablecoins

As reported, Bitwise chief investment officer Matt Hougan believes Solana is positioning itself as the blockchain of choice for Wall Street as institutions look for scalable infrastructure to power the next phase of digital finance.

“I think Solana is the new Wall Street,” he said, citing its performance and technical capabilities as key factors drawing institutional attention.

According to Hougan, financial institutions are starting to take tokenization and stablecoins seriously, viewing them as transformative technologies that will reshape everything from payments to capital markets.

“Really important people are saying that stablecoins will reinvent payments and tokenization will reinvent stock, bond, commodity, and real estate markets,” he said.

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