Key TakeawaysSolana generated $2.85 billion in ecosystem revenue between October 2024 and September 2025 — outpacing Ethereum’s early growth.Monthly revenue averaged $240 million, peaking at $616 million in January during the memecoin boom.Trading and DeFi platforms contributed nearly 40% of total earnings, led by Photon and Axiom.Institutional adoption continues, with $4 billion in SOL now held across 18 public company treasuries.Multiple Solana ETFs are awaiting approval once the U.S. government shutdown ends.Solana’s on-chain economy has entered a new phase of maturity, with the network pulling in $2.85 billion in annual revenue, according to a new 21Shares report.The figure — covering October 2024 to September 2025 — places Solana ahead of Ethereum’s growth trajectory at the same stage of its evolution.The network averaged $240 million in monthly revenue, driven by trading, DeFi, and AI-related applications. Revenue peaked at $616 million in January during the memecoin frenzy sparked by tokens like Official Trump (TRUMP), but stabilized between $150 million and $250 million per month afterward.Solana validators earn revenue through transaction fees spread across multiple verticals, including decentralized exchanges (DEXs), DeFi protocols, AI apps, DePIN, and launchpads.According to 21Shares, trading platforms remain Solana’s biggest revenue source, contributing 39% (or $1.12 billion). Apps like Photon and Axiom were standout performers, supporting high-frequency trading volumes and retail participation.Solana’s Growth Outpaces Ethereum’s Early YearsAt a similar stage in its lifecycle, Ethereum generated under $10 million per month, while Solana’s current levels are 20–30 times higher.The network’s low fees and high throughput have fueled rapid adoption, with 1.2–1.5 million daily active addresses — nearly triple Ethereum’s five-year milestone.“Solana has achieved in five years what took Ethereum nearly a decade,” said the 21Shares report, noting that Solana’s efficiency and developer momentum are pushing it into mainstream institutional use.Institutional Demand and Treasury GrowthInstitutional adoption continues to accelerate. Roughly $4 billion worth of SOL is now held across 18 public company balance sheets, according to StrategicSolanaReserve.org.Leading holders include Forward Industries (6.82M SOL) and Sharps Technology (2.14M SOL).On Sept. 18, Brera Holdings, a Nasdaq-listed firm, rebranded to Solmate following a $300 million PIPE raise to build a Solana-focused digital asset treasury and infrastructure platform.ETF Approvals Could Mark Next Growth CatalystSeveral spot Solana ETF applications from Fidelity, VanEck, Grayscale, Canary, Franklin Templeton, 21Shares, and Bitwise are currently under SEC review.Deadlines fall between Oct. 11–16, though decisions are delayed by the U.S. government shutdown.On Polymarket, traders assign a 99% probability that at least one Solana ETF will be approved by year-end, potentially accelerating institutional exposure.
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