Solana Generates $2.85B in Annual Revenue, Outpacing Ethereum’s Early Growth

Solana has recorded $2.85 billion in revenue over the past year, according to a new report from Swiss asset manager 21Shares. The impressive figure was largely fueled by the surge in trading platform activity across the network.

Between October 2024 and September 2025, Solana averaged around $240 million in monthly revenue, with a peak of $616 million in January during the height of the memecoin boom led by tokens such as Official Trump. Even after the hype settled, Solana’s monthly revenue remained strong, ranging between $150 million and $250 million.

Trading Platforms Lead the Charge

The report highlights that Solana validators earned their income primarily from transaction fees collected across the ecosystem. This also includes decentralized finance (DeFi), memecoins, artificial intelligence apps, decentralized exchanges, DePIN projects, and trading tools

Trading platforms remain Solana’s main revenue driver, accounting for roughly 39% of total earnings, or $1.12 billion, thanks to popular applications like Photon and Axiom.

21Shares also compared Solana’s performance to Ethereum’s early years, revealing that five years after its launch, Ethereum’s monthly revenue was under $10 million, just a fraction of Solana’s current figures

This remarkable difference underscores Solana’s efficiency and scalability, supported by its low transaction costs and high-speed network. Today, Solana boasts 1.2 to 1.5 million daily active addresses, nearly three times the number Ethereum had at the same point in its development.

Solana ETFs and Corporate Treasuries Expand

Beyond network revenue, Solana’s growing role in institutional finance is becoming increasingly evident. The 21Shares report noted that several firms have rebranded this year to become Solana-focused treasury companies. Nearly $4 billion worth of SOL is now held on public company balance sheets.

One notable example is Nasdaq-listed Brera Holdings, which rebranded as Solmate after completing a $300 million oversubscribed PIPE raise. Solmate now aims to develop Solana-based digital asset infrastructure and treasury management platforms. In total, 18 entities collectively hold 17.8 million SOL tokens, with Forward Industries leading at 6.82 million SOL and Sharps Technology at 2.14 million.

Meanwhile, anticipation is building for the approval of Solana ETFs. Several major firms, including Fidelity, VanEck, Grayscale, and Franklin Templeton, have pending ETF applications with the U.S. Securities and Exchange Commission (SEC)

Although the current government shutdown may delay decisions, market sentiment remains overwhelmingly optimistic. On prediction platform Polymarket, bettors also place a 99% chance that a Solana ETF will be approved by the end of the year.

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