Solana 2025 Review: $2.39B App Revenue, 46% Growth

The cornerstone of Solana’s 2025 performance is the staggering $2.39 billion in revenue generated by applications built on its blockchain, marking a 46% year-over-year increase and a new all-time high. This figure is propelled by seven standout applications, including Pumpfun, each individually surpassing the $100 million revenue threshold. Beyond these giants, the long tail of smaller applications—those earning under $100 million—collectively contributed over $500 million, illustrating a diverse and thriving developer ecosystem.

Network performance metrics underscore this financial success. Solana itself achieved $1.4 billion in revenue, representing a 48-fold increase over just two years. User engagement reached unprecedented levels, with non-vote transactions hitting a record 33 billion, a 28% annual increase. The network averaged 1,054 non-vote transactions per second (TPS) and saw an average of 3.2 million unique active wallets daily, a 50% surge year-on-year. This was complemented by the creation of 725 million new wallets throughout the year, demonstrating massive user onboarding.

Solana solidified its position as a premier financial layer with explosive growth in asset management. The blockchain’s stablecoin supply more than doubled year-on-year to $14.8 billion, facilitating a colossal $11.7 trillion in transfers—a sevenfold increase over two years. In a landmark development for the network, equities debuted on Solana in 2025, quickly achieving a $1 billion supply and $651 million in trading volume.

Bitcoin integration proved particularly successful, with trading volume growing fivefold to reach $33 billion, setting a new all-time high. The total Bitcoin supply on the network also doubled to $770 million. Furthermore, the introduction of Solana ETFs was a resounding success, attracting net inflows of $1.02 billion. Staked SOL also reached a new peak, with 421 million tokens staked, reflecting an 8% growth in network security participation.

Decentralized exchange (DEX) activity on Solana reached monumental scales, with total volume hitting $1.5 trillion—a 57% year-over-year increase and another network record. Trading volume for SOL-stablecoin pairs more than doubled to a record $782 billion. Platforms like Raydium led the charge, processing $347 billion in volume, with eleven other DEXs each handling over $10 billion.

Emerging sectors showed significant traction. Artificial intelligence (AI) agent volume reached a new all-time high of $31 billion, while tokenized asset volume rose to $598 million and project token volume increased to $86 billion. In the memecoin and launchpad sectors, volume remained substantial at $482 billion, despite a slight 10% annual decline. Launchpads had a standout year, with six platforms generating over $1 billion in volume and their collective revenue doubling to $762 million. Dedicated trading platforms were also major contributors, earning $940 million (a 44% increase) and processing $108 billion in volume, up 66% year-on-year.

This fundamental growth provides crucial context for SOL’s market performance. At the time of the report, SOL was trading at $138.50, having recovered by 10% over the preceding seven days. However, this price point remains approximately 50% below its all-time high of $293, achieved during the previous year’s rally. The disconnect between soaring on-chain metrics and a subdued token price highlights a complex market dynamic, where ecosystem utility and financial throughput are expanding rapidly even as broader cryptocurrency valuations face headwinds.

The 2025 review ultimately paints a picture of a blockchain transitioning from a high-speed experiment to a mature financial ecosystem. With record-breaking application revenue, unprecedented asset flows, and robust user growth, Solana has demonstrated formidable utility and adoption. The success across stablecoins, Bitcoin trading, ETFs, and DEXs suggests the network is successfully capturing multiple verticals within the broader cryptocurrency and decentralized finance landscape, setting a strong foundation for future development.