Solana has generated $2.85 billion in annual revenue driven by trading platforms, surpassing Ethereum's performance at a comparable lifecycle stage by 20‑30 times.
Asset management firm 21Shares released a report showing Solana averaged approximately $240 million in monthly revenue between October 2024 and September 2025. Revenue peaked at $616 million in January during the meme coin surge led by tokens including Official Trump.
Monthly revenue stabilized between $150 million and $250 million after the frenzy cooled. Solana validators earn revenue from transaction fees flowing across the ecosystem, including DeFi, meme coins, AI applications, decentralized exchanges, DePIN, launchpads, and trading tools.
Trading platforms account for 39 % of Solana's revenue engine, generating $1.12 billion through applications like Photon and Axiom. The report noted Ethereum's monthly revenue remained under $10 million five years after launch, while Solana currently produces significantly more.
Network efficiency and low fees have attracted 1.2 to 1.5 million daily active addresses, roughly triple Ethereum's count at the same lifecycle point. 21Shares, a Switzerland-based company and major crypto exchange-traded product provider, launched the world's first Solana ETP in Europe in 2021.
Several companies rebranded as Solana treasury companies this year, resulting in nearly $4 billion in Solana held on public company balance sheets. Nasdaq-listed Brera Holdings rebranded to Solmate on Sept. 18 following a $300 million oversubscribed PIPE raise.
Solmate joins 18 tracked entities holding a combined 17.8 million Solana tokens. Forward Industries leads with 6.822 million Solana, followed by Sharps Technology with 2.14 million Solana, according to current data.
Multiple Solana exchange‑traded fund applications expect Securities and Exchange Commission decisions this month if the government reopens. Deadlines for filings from Fidelity, VanEck, Grayscale, Canary and Franklin Templeton fall on Friday, while 21Shares and Bitwise applications face Oct. 16 review dates.
The government shutdown, which began Oct. 1, will likely delay decisions. Polymarket bettors estimate a 99 % probability that a Solana ETF receives approval by year‑end once the government resumes normal operations.