Solana Outperforms Ethereum’s Early Stage With $2.85B Revenue

TLDR

• Solana generated $2.85 billion in revenue between October 2024 and September 2025.
• Solana’s revenue growth has significantly outpaced Ethereum’s at the same point in its lifecycle.
• Trading platforms such as Photon and Axiom accounted for 39 percent of Solana’s total revenue.
• Monthly revenue peaked at $616 million during the memecoin surge in January 2025.
• Solana now sees 1.2 to 1.5 million daily active addresses across its network.

Solana generated $2.85 billion in revenue between October 2024 and September 2025, according to 21Shares. The report credited Solana’s high throughput and app diversity for this growth. This revenue exceeds Ethereum’s at the same stage of its lifecycle, demonstrating Solana’s strong market position.

Trading Apps Drive Solana’s Growth

Solana earned $240 million per month on average, with January reaching a peak of $616 million. That month saw intense trading activity fueled by memecoins such as TRUMP. Even after that, Solana maintained a monthly revenue of $150 million to $250 million.

Trading platforms led the revenue, contributing $1.12 billion or 39% of the total. Photon and Axiom were the primary contributors in this category. These platforms consistently attracted user demand and generated fee-based earnings for validators.

Validators on Solana earned through transaction fees from various decentralized sectors. These included DeFi, AI apps, decentralized exchanges, launchpads, and other trading tools. As a result, Solana’s ecosystem remained active and profitable throughout the year.

Solana Outpaces Ethereum’s Early-Stage Revenue

Solana’s revenue at its fifth year significantly outpaced Ethereum’s at the same point. Ethereum generated under $10 million monthly during its early years. In contrast, Solana now earns 20–30 times more.

Solana supports 1.2 to 1.5 million daily active addresses, around triple Ethereum’s in year five. Its speed and low fees contributed to this user growth. These advantages helped Solana stand out among competing blockchains.

“Solana’s design continues to attract developers and users alike,” 21Shares stated in the report. The firm launched Europe’s first Solana exchange-traded product in 2021. This underscores its long-term confidence in Solana’s prospects.

Public Firms and ETFs Push Solana Forward

Public companies now hold nearly $4 billion in SOL on their balance sheets. Eighteen entities hold a combined 17.8 million SOL, led by Forward Industries. The firm owns 6.822 million SOL, followed by Sharps Technology with 2.14 million.

Brera Holdings rebranded to Solmate after a $300 million PIPE raise in September. Solmate aims to build a treasury and infrastructure platform focused on Solana. It joins a growing list of Solana-centric firms this year.

ETF filings for Solana also await SEC decisions. Applications from Fidelity, VanEck, Grayscale, and others face deadlines in October. However, decisions may delay due to the U.S. government shutdown.

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