Solana’s impressive revenue showcases the potential for decentralized finance growth to reshape the blockchain landscape. In recent studies, Matt Mena, a crypto research strategist at 21Shares, noted Solana’s remarkable resilience and ability to generate revenue.
Decentralized Finance Growth Propels Solana
A report published by Mena highlights Solana’s exceptional $2.85 billion annual revenue achieved from October 2024 through September 2025. Despite the cooling of the memecoin trend, Solana has maintained its rapid growth by leveraging diverse sectors within the crypto ecosystem.
The strength of Solana lies in its diverse activities, encompassing decentralized exchanges, lending apps, wallets, and more emerging sectors like DePIN and AI applications. These activities have significantly contributed to Solana’s robust revenue stream and underscore decentralized finance growth.
Trading tools such as Photon and Axiom have been significant contributors, together accounting for approximately $1.12 billion, representing 39% of Solana’s total revenue. Mena emphasized that the true value of Solana stems from its wide-ranging applications beyond any single trading trend.
Post-2024, Solana’s consistent monthly revenue of $150-$250 million reflects a stable demand for its blockspace, independent of speculative trading surges. Mena compared Solana’s financial milestones to prominent Web2 firms like Palantir and Robinhood, with revenues of $2.8 billion and $2.95 billion, respectively, highlighting Solana’s competitive edge.
Furthermore, Mena contrasted Solana’s progress with Ethereum’s earlier stage. Four to five years post-launch, Ethereum’s average revenue was under $10 million per month, illustrating Solana’s rapid adoption, driven by its high throughput and low transaction fee environment.
Solana’s journey reflects a transition from resilience to readiness, with forthcoming technical upgrades such as Firedancer and Alpenglow set to enhance its capabilities. These advancements could pave the way for increased institutional interest, driven by decentralized finance growth.
“Solana is no longer an experiment,” Mena articulated. “It has evolved into a viable digital economy with real potential for long-term impact.”
At Bakara Invest, our analysis suggests that Solana’s strategic developments and diverse ecosystem position it as a major player driving decentralized finance growth, potentially transforming the broader financial landscape.
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