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Solana’s blockchain experienced a significant revenue contraction in Q2 2025, with application revenue dropping 44.2% despite substantial growth in total value locked. The network’s DeFi ecosystem expanded to $8.6 billion TVL, maintaining Solana’s position as the second-largest DeFi network. This divergence highlights the complex dynamics between user adoption and revenue generation in blockchain ecosystems.
- PumpFun remained Solana's top revenue generator at $156.9 million despite a 43.9% quarterly decline
- Kamino Finance dominated DeFi with 33.9% TVL growth to $2.1 billion following its V2 launch in May
- Raydium overtook Jupiter to become second-largest DeFi protocol with $1.8 billion TVL versus Jupiter's $1.6 billion
📎 Related coverage from: cryptoslate.com
Other Tags: Raydium, Jupiter, Messari, Blockchain, CryptoSlate, DeFi, DeFiLlama, Kamino Finance, Pumpfun