Solana’s $2.8 Billion Revenue Surges Past Ethereum’s Early Growth: 21Shares Report

Solana Records Explosive $2.85B Annual Revenue

The Solana blockchain has generated a remarkable $2.85 billion in annual revenue, significantly outpacing Ethereum’s early growth, according to a new analysis by 21Shares. The report highlights Solana’s broad adoption across DeFi, AI, trading platforms, and tokenized applications, marking a turning point for the network’s rise in institutional and retail finance.

Between October 2024 and September 2025, Solana recorded an average of $240 million in monthly revenue, peaking at $616 million in January during the memecoin trading boom led by tokens like Official Trump (TRUMP). Even after the frenzy subsided, Solana maintained steady monthly revenue between $150 million and $250 million, underscoring its ecosystem’s durability.

Trading Platforms Drive 39% of Solana’s Income

According to the report, Solana validators earned fees from multiple sectors — decentralized finance (DeFi), AI-based tools, decentralized physical infrastructure (DePIN), launchpads, and trading applications.

Trading platforms accounted for the largest share of revenue, generating $1.12 billion, or roughly 39% of total income, through leading applications like Photon and Axiom. This surge was supported by growing institutional participation and the expansion of Solana-based liquidity networks.

Solana’s Growth Outpaces Ethereum’s Early Years

The 21Shares analysis reveals that Solana’s network maturity far exceeds Ethereum’s performance at a similar point in its lifecycle. Five years after launch, Ethereum’s monthly revenue was under $10 million, while Solana currently generates 20–30 times more.

This accelerated performance is attributed to Solana’s high-speed, low-cost infrastructure, which supports up to 65,000 transactions per second and has attracted 1.2–1.5 million daily active addresses — nearly triple Ethereum’s active users at the same age.

“Solana’s efficiency, combined with its developer ecosystem, is driving next-generation blockchain adoption,” the report noted.

Institutional Treasuries and ETFs Signal Mainstream Expansion

A growing number of companies are now rebranding as Solana treasury firms, collectively holding nearly $4 billion worth of SOL on their balance sheets.

Data from StrategicSolanaReserve.org shows 18 publicly tracked entities holding a combined 17.8 million SOL tokens.

Despite delays linked to the U.S. government shutdown, market confidence remains extremely high. On prediction platform Polymarket, traders assign a 99% probability that a Solana ETF will be approved by the end of 2025.

The 21Shares report also notes multiple pending spot Solana ETF applications awaiting decisions from the U.S. Securities and Exchange Commission (SEC). Major asset managers — including Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton — have filings under review, with additional applications from 21Shares and Bitwise expected later this month.

Solana’s $2.85 billion revenue milestone, expanding treasury adoption, and potential ETF approvals signal the network’s evolution from a retail-driven project into a core player in institutional blockchain finance. With faster throughput, strong developer momentum, and rising corporate interest, Solana appears poised to challenge Ethereum’s dominance in the next phase of crypto market growth.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.