Solana has also generated revenues of around $ 2.85 billion per year, a substantial figure that exceeds the initial growth curve of Ethereum.
According to data published by 21Shares, the company’s blockchain generated approximately $240 million in monthly revenue between October 2024 and September 2025, driven by a rise in trades and network usage.
Trading Platforms Drive Majority of Solana’s Revenue
As 21Shares notes, the trading platforms became the most significant contributors to Solana’s revenue, with approximately 30%, or around $ 1.12 billion, contributing to the total. Applications from Photon and Axiom were the primary sources of revenue, both driving substantial volumes during the memecoin boom in late 2024 and early 2025. January was the most profitable month in Solana’s history, with a gross income of $ 616 million, primarily driven by the popularity of tokens such as Official Trump.
Solana has been generating monthly revenues of between $150 million and $250 million, even after the memecoin mania subsided. Its architecture, enabling thousands of transactions per second at a low cost, has made Solana one of the most significant blockchain platforms in terms of efficiency and adoption. 21Shares noted that Solana’s performance is comparable to that of other companies, such as Palantir and Robinhood.
Source: 21Shares. Financial activities Driving Solana monthly revenue.
Solana Outpaces Ethereum’s Early Performance
The report noted that Ethereum had monthly revenues averaging less than $ 10 million between 2019 and 2020, approximately four to five years after its inception. In comparison, the average monthly rates of Solana are now 20 to 30 times greater. During certain months, Solana surpassed Ethereum’s early revenue at a 50 times rate.
Solana’s daily active addresses have also skyrocketed, ranging between 1.2 and 1.5 million. This number is almost three times that of Ethereum at the same stage of its growth. Between October 2022 and September 2023, Solana generated revenue of only $13 million, which is indicative of the challenges at an early stage of development, network issues, and market distrust following the FTX collapse. Within a year, revenue increased 220 times, indicating increased maturity and value acquisition within the ecosystem.
Spot SOL ETFs Await Regulatory Decision
There is increased institutional interest in Solana. Public companies now hold approximately $ 4 billion of SOL, with companies like Pantera Capital and Brera Holdings registering the asset in their treasuries. Spot SOL ETF applications are likely to be determined by the U.S. Securities and Exchange Commission this month. Companies including Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton have pending filings, and 21Shares and Bitwise are due for review on October 16.
The value locked in Solana DeFi is currently approximately $ 13 billion, and the volumes of stablecoins have increased sixfold per year. There is also more than half a billion actual tokenized real-world assets operating on the network. Future improvements, including Firedancer and Alpenglow, will make it faster and more finalized, and Solana will be viewed as a high-performance blockchain with increased institutional and retail demand.
