Solana’s blockchain ecosystem has shown remarkable resilience, generating approximately $2.85 billion in annual revenue, according to Matt Mena, crypto research strategist at 21Shares.
In a blog post on Monday, Mena highlighted the period from October 2024 through September 2025, noting that this revenue positions Solana as one of the fastest-growing blockchain economies, even as the early-year memecoin frenzy has waned.
Mena credited Solana’s broad-based activity for its success. Decentralized exchanges, trading platforms, lending apps, wallets, and emerging sectors like DePIN and AI-driven applications all contributed substantially to network usage and fee generation.
Trading tools such as Photon and Axiom were particularly notable, generating roughly $1.12 billion, or 39% of total revenue. Still, Mena emphasized that the network’s strength lies in its diversity rather than dependence on a single trend.
Even after the peak trading months of late 2024, Solana’s monthly revenue has stabilized between $150 million and $250 million, signaling sustained demand for blockspace beyond speculative trading.
For comparison, Mena noted that Solana’s total revenue rivals Palantir’s $2.8 billion and Robinhood’s $2.95 billion in 2024, placing it on the scale of major Web2 platforms. He also contrasted Solana with Ethereum at a similar stage, noting that Ethereum averaged less than $10 million per month four to five years after launch, highlighting Solana’s rapid monetization of on-chain activity.
Looking ahead, Mena pointed to upcoming upgrades such as Firedancer and Alpenglow, which aim to improve speed and scalability, potentially paving the way for greater institutional participation.
“Solana is no longer an experiment,” Mena wrote. “It’s a functioning digital economy showing real staying power.”
