Solana’s $2.8B revenue outpaces Ethereum’s early growth

According to a report from 21Shares, Solana generated $2.85 billion in revenue over the past year, primarily driven by trading platform activity. From October 2024 to September 2025, Solana averaged roughly $240 million monthly revenue, with a peak of $616 million in January during the memecoin boom. Even as the hype diminished, monthly revenues stabilized between $150 million and $250 million. The revenue primarily stems from transaction fees, influenced by decentralized finance (DeFi), memecoins, AI applications, and more. Notably, Solana's trading platforms are its largest revenue source, contributing $1.12 billion. The report emphasizes Solana's strong performance compared to Ethereum, which had less than $10 million in monthly revenue at a similar stage. Solana's efficiency and lower fees have attracted around 1.2–1.5 million daily active addresses, three times more than Ethereum at the same point in its development. Companies have also rebranded to focus on Solana, holding nearly $4 billion in SOL tokens on their balance sheets. Currently, several Solana ETFs await approval from the US SEC, with expectations of favorable outcomes if the government reopens soon.

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