21Shares reported that Solana generated more than $2.8B in annual revenue

On-chain data revealed that Solana generated approximately $2.85 billion in annual revenue, primarily driven by trading platform activity. A new report from 21Shares revealed that Solana has averaged about $240 million in monthly revenue between October 2024 and September 2025. Solana’s monthly revenue peaked at $616 million in January during the memecoin frenzy led by tokens like Official ￰1￱ the Solana boom subsided, the network continued to record monthly revenues of between $150 million and $250 ￰2￱ trading platforms generate the most revenue Solana pulled in $2.85B in annual revenue — rivaling companies like Palantir and ￰3￱ DeFi to AI, its ecosystem is proving to be one of crypto’s most diverse and ￰4￱ the full breakdown by @MattMena__ ⤵ ⤵️ 🔗 ￰0￱ ￰5￱ — 21shares (@21shares) October 7, 2025 Solana’s revenue flows from decentralized exchanges (DEXs), memecoins, trading tools, launchpads, borrowing and lending protocols, wallets, DePIN, and AI-driven ￰6￱ network’s validators also earn revenue from fees on transactions. 21Shares reported that trading platforms generated the most revenue across the ecosystem, accounting for 30%, nearly $1.12 ￰7￱ firm noted that apps like Photon and Axiom drove the most revenue to the ecosystem, generating about $260 million in a single month at the height of the memecoin frenzy of late 2024 and early 2025.). 21Shares launched the world’s first SOL ETP in Europe in ￰8￱ firm also reported that Solana’s growth reframed its role in the eyes of institutional capital, with nearly $4 billion in SOL currently being held on public company balance ￰9￱ companies are undertaking other treasury initiatives, including Forward Industries, Pantera Capital, and Brera ￰10￱ Securities and Exchange Commission is also expected to make a decision on ￰11￱ SOL ETFs this month, which 21Shares believes could further unlock access to the ￰12￱ from firms such as Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton have deadlines set for this Friday, while applications from 21Shares and Bitwise are scheduled for review on October ￰13￱ revealed that there’s a 99% chance of a SOL ETF getting approved by the end of the ￰14￱ to the report, the total value locked in Solana DeFi is nearly 13 ￰15￱ network’s stablecoin volume has surged by 6x ￰16￱ also recorded more than $500 million in tokenized real-world assets (RWA). 21Shares argued that the SOL’s use cases point to a network with real product-market fit and growing demand from users. 21Shares believes that Solana upgrades, such as the Firedancer validator client, which aims to achieve 1 million transactions per second by 2025, could lead to further growth in the ￰17￱ already approved Alpenglow also reduces SOL finality to below 200 ￰18￱ up to $30,050 in trading rewards when you join Bybit today