Solana Is Printing Money — $2.85 Billion in Revenue Proves It’s No Longer the Underdog
Solana has posted a blockbuster year, generating $2.85 billion in revenue from October 2024 to September 2025, according to a new report from 21Shares.
The figure shows the blockchain’s emergence as one of the most profitable and active blockchain ecosystems, fueled largely by surging trading activity and a diverse range of decentralized applications.
Trading Platforms Drive Solana’s Record Year
Over the past 12 months, the blockchain averaged $240 million in monthly revenue, peaking at $616 million in January during the memecoin mania led by tokens such as Official Trump (TRUMP). Even after the speculative frenzy subsided, it maintained monthly revenues between $150 million and $250 million — a consistency that few blockchain networks have achieved.
Solana’s 12-month revenue by sector (Source: 21Shares)
Validators across SOL’s ecosystem earned this revenue primarily from transaction fees, which poured in from DeFi protocols, AI applications, decentralized exchanges (DEXs), launchpads, DePIN projects, and trading tools. Notably, trading platforms alone contributed $1.12 billion, or 39% of the network’s total revenue, driven by the success of apps like Photon and Axiom.
Solana Leaves Ethereum’s Early Growth in the Dust
The 21Shares report draws a sharp comparison between Solana and Ethereum’s respective growth trajectories. Five years after its launch, Ethereum’s monthly revenue remained under $10 million — a fraction of Solana’s current $240 million monthly average.
This explosive growth is attributed to Solana’s technical efficiency and ultra-low fees, which have attracted between 1.2 million and 1.5 million daily active addresses — nearly three times Ethereum’s user base at the same stage of development.
The Rise of SOL Treasury Companies
Beyond network activity, Solana’s institutional footprint has expanded rapidly. According to StrategicSolanaReserve.org, nearly $4 billion worth of SOL is now held on public company balance sheets.
On Sept. 18, Nasdaq-listed Brera Holdings rebranded to Solmate after completing a $300 million oversubscribed PIPE raise. Solmate joins a growing list of 18 tracked SOL treasury companies, led by Forward Industries with 6.82 million SOL and Sharps Technology with 2.14 million SOL.
ETFs on the Horizon
The report also underscores mounting excitement around SOL exchange-traded funds (ETFs). Multiple spot ETF applications from Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton are awaiting SEC decisions, while filings from 21Shares and Bitwise are scheduled for review on Oct. 16.
Chance of SOL ETF approval in 2025 (Source: Polymarket)
Although the ongoing U.S. government shutdown has delayed regulatory timelines, most analysts expect SOL ETFs to gain approval once the government reopens. Betting platform Polymarket currently shows a 99% probability that a SOL ETF will be approved by the end of 2025.
A New Era of Blockchain Profitability
With its combination of institutional adoption, robust DeFi activity, and developer-friendly infrastructure, Solana has solidified its position as one of crypto’s most lucrative ecosystems.
The 21Shares report suggests that Solana’s momentum could accelerate further once ETFs and new treasury participants enter the market — potentially setting the stage for another record-breaking year.
