Solana Leads DApp Revenues Despite Market Share Drop

Solana earned $205M and kept the lead with 40% of DApp revenue despite slipping from a January 2025 peak of nearly 70%.

Ethereum fell to just 8% by December 2024 but steadied through early 2025 and rebounded to 20% by August, showing resilience.

Hyperliquid surged in 2025 from almost no presence to 22% of DApp revenues, quickly becoming a strong rival to Solana and Ethereum.

Solana continues to dominate the decentralized application (DApp) economy, even as its revenue share shows signs of decline. According to SolanaFloor on X, Solana DApps generated $205 million in revenue over the past year, accounting for roughly 40% of the total $509 million across all blockchains

Besides, Solana’s journey from August 2024 to August 2025 reveals significant volatility in market leadership. The network began with a 52% share in August 2024, then surged to nearly 60% during September and October.

Source: SolanaFloor

Solana hit its peak in January 2025, capturing close to 70% of all DApp revenues. However, the momentum faded as the year progressed. By August 2025, Solana’s share had slipped to 40%. Despite the drop, it still maintained the top spot.

Ethereum and Hyperliquid Challenge Solana

Ethereum displayed contrasting performance throughout the same period. It started with a 27% revenue share in August 2024 and briefly climbed to 38% in September. However, it quickly declined, plunging to just 8% by December. From January to May 2025, Ethereum stabilized between 8% and 12%. Additionally, signs of recovery appeared in mid-2025, with its share climbing back to 20% by August.

In 2025, however, Hyperliquid became a formidable rival. The platform grew in popularity in the spring of 2025 after having minimal effect in 2024. By August, it had one of the biggest increases among new platforms, accounting for 22% of all DApp revenues.

Other Networks Show Modest Gains

Networks like Base, Binance Smart Chain (BSC), and others held steady but lesser positions, varying from 2% to 8%. Even as competition grew more fierce, Base in particular showed resilience by maintaining steady performance at 5% to 7% for the majority of the months.

The data also shows how crowded the DApp industry is still. The majority of revenue was made by Solana and Ethereum together, but upstart players like Hyperliquid are changing the game.

Solana still leads in DApp revenue, but declining share and rising competition signal that the next phase of blockchain growth will be more contested.

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