Solana Generates $2.85B Revenue, Approaches Major Web2 Platforms
Solana's network has demonstrated robust growth and resilience, as detailed in recent research by Matt Mena from 21Shares.
- Solana generated approximately $2.85 billion in annual revenue from October 2024 through September 2025.
- This positions Solana among the fastest-growing blockchain economies despite a decline in speculative memecoin trading volumes.
- Diverse activities such as decentralized exchanges, trading tools, lending apps, wallets, and new sectors like DePIN and AI applications contributed significantly to its revenue.
- Trading tools like Photon and Axiom alone generated about $1.12 billion, accounting for 39% of total revenue.
- Monthly revenues stabilized between $150 million and $250 million post-2024 peak, indicating sustained demand beyond speculative trends.
- Solana's revenue is comparable to major Web2 platforms like Palantir ($2.8 billion) and Robinhood ($2.95 billion) in 2024.
- Contrasted with Ethereum's early development stage, Solana monetized onchain usage faster, credited to its high throughput and low transaction fees.
- Upcoming upgrades like Firedancer and Alpenglow aim to enhance speed and scalability, potentially attracting greater institutional participation.
Mena concludes that Solana has evolved from an experimental phase to a viable digital economy with significant resilience and readiness.