Solana generated $2.855 billion in revenue over the past year, according to a new report from 21 Shares driven by trading platform activity.
Between October 2024 and September 2025, Solana averaged around $240 million per month, peaking in January with $616 million during the Memecoin Boom led by Official Trump-like tokens. But even after Frenzy cooled down, monthly revenue was between $150 million and $250 million.
Solana Validators earns revenue from transaction fees. Over the past year, revenue has flowed from fees from across the ecosystem, including Decentralized Financial Finance (DEFI), MemeCoins, AI apps, decentralized exchanges, Depin, LaunchPads, and trading tools.
Trading platforms remain Solana’s primary revenue engine, accounting for 39%, or $1.12 billion, driven by apps like Photon and Axiom.
The report also points out that Solana far outperforms Ethereum at the comparable stage.
Five years after launch, Ethereum was generating less than $10 million in monthly revenue, while Solana is now generating 20-30 times more. Its efficiency and low fees helped the network attract approximately 2.2 million to 1.5 million active addresses at the same point in its lifecycle.
21Shares is a Swiss-based asset management company and one of the largest crypto exchange product (ETP) providers. We launched the world’s first Solana (SOL) Exchange-Traded Product (ETP) in Europe in 2021.
Related: Forward Industries secures $1.65 billion Solana Treasury pay raise
Solana ETF and Treasury
As the 21Shares report noted, several companies rebranded to Solana Treasury Companies this year. As a result, nearly $4 billion of SOL is currently held on public company balance sheets.
On September 18th, NASDAQ-listed Brera Holdings, rebranded as Solmate following a $300 million over-backed pipe raise, aims to build a Solana-centric digital asset treasury and infrastructure platform.
Solmate is currently one of 18 tracking entities with a combined total of 17.8 million Sol tokens. According to data at the time of writing, leading the pack is Forward Industries with 6.822 billion SOL, followed by Sharps Technology with 2.14 billion SOL.
There are also several Solana Exchange-Traded Fund (ETF) applications that could gain approval if the U.S. government reopens this month.
As reported by Cointelegraph, several spot Solana ETF applications are awaiting decisions from the U.S. Securities and Exchange Commission (SEC) in October.
Deadlines for filings from Fidelity, Vaneck, Grayscale, Canary and Franklin Templeton fall on Friday, while applications from 21 Share and Bitwise are scheduled for review on October 16th.
If the U.S. government shuts down, the decision could be pushed back. However, once the government reopens, most believe the Solana ETF will be approved.
At Polymarket, Bettors believe there is a 99% chance the Solana ETF will be approved by the end of the year.
Magazine: Tradfi is building Ethereum L2 to tokenize trillions in rwas – Inside Story