Solana App Revenue Hits $2.4B in 2025, Led by Pump.fun

The standout narrative of Solana’s 2025 performance was the meteoric rise of its launchpad sector, with Pump.fun stealing the spotlight. According to the network’s findings, Pump.fun was one of seven Solana applications that generated over $100 million in revenue during the year, fueled primarily by relentless meme coin issuance and speculative trading. This activity was not isolated; five other launchpads each recorded over $1 billion in trading volume. Collectively, launchpad revenues doubled year-over-year to reach $762 million, underscoring their critical role as economic engines within the ecosystem.

The scale of token creation was staggering. Launchpads collectively generated 11.6 million tokens in 2025, more than double the prior year’s figure. However, this boom came with a caveat: only a slim fraction, approximately 0.89%, of these tokens progressed beyond their initial bonding curve launches, highlighting the highly speculative and transient nature of much of this activity. Despite a 10% year-over-year decline in overall meme coin trading volume to $482 billion, Solana noted that activity levels remained roughly 80 times higher than they were just two years prior, indicating a massive, sustained wave of interest.

Beyond the meme coin craze, Solana’s revenue growth was broad-based and robust. The record $2.39 billion in total app revenue represented a new all-time high for the network. The revenue leaders—including Axiom Exchange, Meteora, Raydium, Jupiter, Photon, and Bullx—each joined Pump.fun in the elite >$100 million club. Furthermore, applications earning under $100 million collectively contributed more than $500 million, demonstrating a healthy and diversified economic base beyond just a few top performers.

At the protocol level, the financial metrics were even more impressive. Network revenue (REV) climbed to $1.4 billion, marking a staggering 48-fold increase over the past two years. This surge occurred alongside a continued decline in user costs, with median transaction fees falling to a mere $0.0011. This combination of soaring top-line revenue and falling fees is a powerful indicator of scaling efficiency, suggesting the network is successfully monetizing increased usage without burdening its users.

Underpinning the revenue figures were strong fundamental metrics pointing to rising adoption and utility. The blockchain processed 33 billion non-vote transactions in 2025, averaging 1,054 per second. Daily active wallets grew 50% year-over-year to an average of 3.2 million. The stablecoin ecosystem expanded dramatically, with supply more than doubling to $14.8 billion and a monumental $11.7 trillion in stablecoins transferred over the year. Tokenized equities also made their debut on Solana, launching with $1 billion in supply, a sign of traditional finance experiments migrating on-chain.

Decentralized exchange (DEX) volume reached $1.5 trillion, led by platforms like Raydium, Orca, and Meteora, while aggregators such as Jupiter accounted for a growing share of trading activity. Perhaps most telling for long-term viability was the growth in institutional-facing products. Staked SOL reached record highs, reflecting strong holder conviction. Simultaneously, Solana Exchange-Traded Funds (ETFs) recorded $1.02 billion in net inflows, signaling heightened institutional demand and a new avenue for capital to enter the ecosystem. Together, these metrics paint a picture of a blockchain evolving from a niche platform into a broad-based financial infrastructure attracting both retail speculation and institutional investment.