Solana’s network continues to show unexpected resilience, according to new research from Matt Mena, a Crypto research strategist of 21Shares.
In a blog post published on Monday, Mena said Solana generated approx. $ 2.85 billion in annual revenue from October 2024 to September 2025 and cemented its position as one of Crypto’s fastest growing blockchain economies. He described the revenue as “remarkably strong”, even when the speculative Memecoin-madness that was running for the first year’s trading quantities has cooled.
Mena attributed to Solana’s strength to its broad blend of activity. He said decentralized exchanges, trade tools, lending apps, wallets and new sectors such as Depin and AI-run applications all contributed meaningfully to network fees and use.
While trade tools such as Photon and Axiom led the way – collectively generated approx. 1.12 billion dollars, or 39% of total revenue – emphasized Mena that Solana’s value now comes from its diversity rather than a single trend.
Even after the highest months at the end of 2024, Mena noted that Solana’s monthly revenue has stabilized between $ 150 million and $ 250 million, suggesting sustained demand for blockpace and activity beyond speculative waves.
He compared the network’s total revenue with Palantir’s $ 2.8 billion and Robinhood’s $ 2.95 billion in 2024 and said Solana “approaches the extent of larger web2 platforms.”
Mena also contrasted Solana’s position with Ethereum’s previous stage of development.
He said that four to five years after launch – roughly where Solana is now – was Ethereum on average less than $ 10 million per year. Month in revenue, which highlighted how fast Solana has monetized onchain use. He credited blockchain’s high flow, low transaction fees and growing ecosystem to speed up the adoption.
According to Mena, Solana’s development reflects a shift from resilience to readiness.
He pointed to upcoming technical upgrades such as four -day and alpenglow aiming to improve speed and scalability, adding that these progress could place Solana for greater institutional participation.
“Solana is no longer an experiment,” Mena wrote. “It is a functioning digital economy that shows real residence.”
