With Memecoin Craze Diminishing, Solana Hits $2.85B Revenue, On Par with Palantir and Robinhood

Solana’s blockchain continues to demonstrate resilience, generating an estimated $2.85 billion in annual revenue, according to Matt Mena, crypto research strategist at 21Shares.

In a blog post published Monday, Mena highlighted that the revenue, covering October 2024 through September 2025, positions Solana among the fastest-growing blockchain ecosystems, even as the early-year memecoin craze has cooled.

Mena attributed the strong performance to Solana’s diverse activity. Decentralized exchanges, trading platforms, lending apps, wallets, and emerging sectors like DePIN and AI-powered applications all contributed to network usage and fees.

Trading tools such as Photon and Axiom were significant revenue drivers, generating roughly $1.12 billion, or 39% of the total. Yet, Mena emphasized that the blockchain’s strength lies in its diversity rather than a single trend.

Monthly revenue has stabilized between $150 million and $250 million, suggesting sustained demand for blockspace and network activity beyond speculative surges.

For context, Mena compared Solana’s revenue to major Web2 firms, noting it is approaching Palantir’s $2.8 billion and Robinhood’s $2.95 billion in 2024. He also contrasted Solana with Ethereum at a similar stage, highlighting that Ethereum averaged under $10 million per month four to five years after launch.

Looking ahead, upcoming upgrades like Firedancer and Alpenglow aim to boost speed and scalability, potentially attracting more institutional participation.

“Solana is no longer an experiment,” Mena wrote. “It’s a functioning digital economy showing real staying power.”