Solana Closes 2025 As A Revenue-Driven Blockchain

Solana ends 2025 as one of the few blockchain ecosystems where revenue, assets, and trading all scale together. The network’s annual review shows an ecosystem no longer driven by speculation alone, but by sustained economic activity across applications, assets, and infrastructure.

Apps built on Solana generated $2.39 billion in revenue, up 46% year-over-year, setting a new all-time high. At the same time, network-level revenue surged, user activity accelerated, and transaction costs continued to fall. The data confirms a broader shift: Solana in 2025 becomes a blockchain where usage converts directly into dollars.

The year is best described in three words: revenue, assets, and trading.

App Revenue Hits New Highs Across The Ecosystem

Application revenue stands out as Solana’s strongest signal of maturity. In 2025, seven apps crossed the $100 million revenue mark, proving that scale is no longer theoretical on the network. Those apps include Pumpfun, Axiom Exchange, Meteora, Raydium, Jupiter Exchange, Photon, and Bullx.

Beyond the top earners, the ecosystem’s long tail also performs. Applications generating under $100 million collectively earned more than $500 million, highlighting depth across DeFi, trading, and consumer-facing tools. This distribution matters. It shows Solana is not reliant on one or two breakout products but is supporting a wide range of viable businesses.

The data also reflects how quickly monetization cycles compress on Solana. Apps move from launch to profitability faster, supported by low fees, high throughput, and a user base that actually transacts. This dynamic is increasingly difficult to replicate on higher-cost networks.

Network Performance Scales Without Cost Inflation

Solana’s network fundamentals strengthen alongside application growth. Network REV reached $1.4 billion, representing a 48x increase over two years. Transaction activity surged, with 33 billion non-vote transactions processed in 2025, up 28% year-over-year, while total transactions including votes reached 116 billion.

Throughput remains a defining feature. Solana averaged 1,054 non-vote transactions per second, even as usage climbed to record levels. Daily unique active wallets averaged 3.2 million, a 50% year-over-year increase, setting another all-time high. In total, 725 million new wallets executed at least one transaction during the year.

Crucially, growth did not come at the expense of affordability. The average transaction fee fell to $0.017, down from $0.025, while the median fee dropped to $0.0011. This combination, higher usage and lower costs, reinforces Solana’s position as a network optimized for real-time, high-frequency activity.

Assets Expand As Stablecoins And Tokenized Markets Grow

Asset activity on Solana accelerates sharply in 2025. Stablecoin supply closed the year at $14.8 billion, more than doubling year-over-year. Transfer volume reached $11.7 trillion, a sevenfold increase over two years, underscoring Solana’s role as a settlement layer rather than just a trading venue.

Tokenized assets gained traction as well. Equities debuted on Solana with $1 billion in supply and $651 million in trading volume, while Bitcoin activity surged. Bitcoin trading volume reached $33 billion, up 5x year-over-year, and Bitcoin supply on Solana doubled to $770 million.

New assets also entered the ecosystem. Zcash, Monad, and NEAR launched on Solana with a combined $32 million in supply, while staking continued to grow. 421 million SOL were staked by year-end, up 8%, marking another all-time high.

Institutional participation increased alongside these trends. Solana spot ETFs recorded $1.02 billion in net inflows, signaling sustained demand from traditional investors seeking exposure through regulated products.

DEX Activity Reaches Trillion-Dollar Scale

Decentralized exchanges drive much of Solana’s trading dominance in 2025. Total DEX volume reached $1.5 trillion, up 57% year-over-year, setting a new high for the network. SOL-stablecoin trading alone accounted for $782 billion, more than doubling from the previous year.

Liquidity concentrated across a growing field of platforms. Twelve DEXes processed over $10 billion each, led by Raydium at $347 billion, followed by Orca, Humidifi, SolFi AMM, and Meteora. Prop AMMs expanded their share of aggregator volume from 19% to 54%, reflecting a shift toward more capital-efficient models.

SOL remained the dominant base asset, appearing in 42% of all trades, while USDC followed at 30%. Specialized markets also grew. AI agent trading volume hit $31 billion, tokenized asset volume reached $598 million, and project token trading climbed to $86 billion, all setting new all-time highs.

Memecoins, Launchpads, And Trading Platforms Power Volume

Memecoins continued to play a meaningful role despite cooling slightly year-over-year. Total memecoin volume reached $482 billion, down 10%, but still 80x higher than two years ago. Launchpads amplified this activity. Six launchpads each processed over $1 billion in volume, with Pumpfun, Bonkfun, Believe, Meteora via DBC, Moonit, and Raydium’s LaunchLab leading the sector.

Launchpad revenue doubled to $762 million, while 11.6 million tokens were created, more than twice the previous year. Only 0.89% of tokens graduated from bonding curves, reinforcing how competitive the attention economy has become.

Trading platforms captured the value layer. DEX aggregators processed $922 billion, doubling year-over-year, led overwhelmingly by Jupiter Exchange at $812 billion. Professional trading platforms earned $940 million, up 44%, with three platforms, Axiom Exchange, Photon, and Bullx, each generating over $100 million.

More details from the annual breakdown are available in this on-chain data summary shared on X. 

A Network Defined By Economic Gravity

Solana’s 2025 performance marks a transition. The ecosystem no longer relies on future promises or theoretical scalability. Revenue compounds. Assets settle. Traders stay. Fees fall.

In a year where many networks struggled to convert usage into sustainable economics, Solana did the opposite. It turned activity into income, scale into efficiency, and volume into gravity. 2025 will likely be remembered as the year Solana proved it can sustain a full-stack crypto economy, at speed, at scale, and at profit.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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