Solana has emerged as the undisputed leader in blockchain revenue for 2025, generating an impressive $1.25 billion year-to-date. Data shared by industry trackers indicated that this figure is more than double that of Ethereum, which remains the closest competitor with $523.28 million in revenue so far this year.
Other networks trailing behind include Hyperliquid, a decentralized perpetuals blockchain, with $501.71 million, and the TRON network, which has accumulated $450.5 million. Analysts noted that Solana’s dominance highlighted surging demand for its blockspace, reflecting strong market appetite compared to rival chains.
Revenue landscape across blockchain networks
Beyond Solana and the top three challengers, only a few other networks crossed the $100 million revenue mark in 2025. These include BNB Smart Chain with $148.91 million and Bitcoin with $134.9 million. Among layer-2 platforms, Coinbase’s Base stood out with $54 million, making it the top L2 revenue generator. Its competitors, including Arbitrum, Polygon, and Optimism, lagged significantly with revenue figures ranging from $10.83 million to as low as $2.9 million.
Industry observers pointed out that Solana’s strong lead has been consistent since November 2024. During the first quarter of 2025, it managed to surpass the combined revenue of all other Layer-1 and Layer-2 networks, a trend that has continued into the second half of the year. Monthly data also reinforced this leadership, with Solana recording more than $210 million in revenue in the past 30 days alone.
Decentralized apps drive Solana’s momentum
What has particularly caught attention is that much of Solana’s revenue comes not from the network itself, but from decentralized applications built within its ecosystem. In August, memecoin launchpad Pump.fun and trading bot Axiom Pro accounted for $52.83 million and $50.79 million respectively. Other major contributors included decentralized exchanges Jupiter and Meteora, as well as the Phantom crypto wallet, all ranking among the network’s top revenue generators.
Interestingly, Solana’s own chain fees placed it eighth on the revenue list, bringing in $4.56 million in the past month. While modest compared to Hyperliquid, Ethereum, and Base, the network’s strength has been attributed to its ability to nurture fast-scaling applications. Proponents such as Helius Labs’ chief executive argued that Solana’s real advantage lies in how developers can build dApps that thrive quickly within the ecosystem.
Supporting this claim, Axiom Exchange recently became the fastest decentralized app to reach $200 million in revenue, achieving the milestone in just 202 days. Pump.fun, by comparison, took 303 days to cross the same threshold. Axiom also recorded more than $50 million in revenue within the past month, cementing its position as one of the ecosystem’s key growth drivers.
Market sentiment strengthens as SOL price rises
Alongside the revenue milestones, Solana’s native token SOL has also seen a strong price performance. The token climbed over 7% in recent trading to reach $216 and has gained 19% in the past 30 days, according to CoinMarketCap. Although it still lags behind other major cryptocurrencies such as Bitcoin, Ether, XRP, and BNB in year-to-date performance, market sentiment around SOL has turned increasingly bullish.
Another significant achievement came when Solana’s market capitalization once again crossed the $100 billion mark. Analysts compared this feat to major technology companies, noting that Solana managed to achieve the milestone in only 4.5 years, a far shorter period than firms such as Google, Meta, and Nvidia took to reach similar valuations.
Institutional interest grows with new treasury moves
Investor confidence in Solana also appears to be strengthening, with reports suggesting that Forward Industries, a Nasdaq-listed company, plans to establish a substantial SOL treasury. The company reportedly intends to allocate $1.65 billion through private placement cash and stablecoin commitments to acquire Solana tokens.
While smaller entities like Sol Strategies and DeFi Development Corp have already created SOL treasuries, Forward Industries would become the first publicly traded Nasdaq firm to commit institutional-scale capital directly into Solana. Market analysts believe such moves further validate Solana’s growing position as a key player in the blockchain space.