Solana (SOL) has been quietly rising. While Solana is currently around 24% off its $290 ATH reached in January, its recent success has seen it overtake Ethereum (ETH).
According to the latest report by Swiss asset management company 21Shares, Solana generated $2.85 billion in revenue last year thanks to its trading platform operations.
This has been one of the strongest financial years yet for the Solana network, which has been expanding its ecosystem across decentralized finance (DeFi), artificial intelligence (AI), and trading platforms.
According to a report by 21Shares, Solana generated an average monthly revenue of $240 million between October 2024 and September 2025, reaching $616 million in January during the memecoin boom spearheaded by tokens like Official Trump (TRUMP).
Even as enthusiasm for TRUMP and other memecoins waned, Solana remained a steady performer, generating between $150 million and $250 million in monthly revenue.
According to the report, over the past year, fee revenues have come from across the ecosystem, including decentralized finance (DeFi), memecoins, AI applications, decentralized exchanges, DePIN, launch platforms, and trading tools.
However, 21Shares stated that Solana’s main source of revenue came from trading platforms like Photon and Axiom, with their share of the revenue being 39% ($1.12 billion).
Solana Outperforms Ethereum!
Comparing Solana's progress to Ethereum, 21Shares analysts noted that five years after its launch, Ethereum was generating less than $10 million per month in revenue.
“Solana generated approximately $2.85 billion in revenue from October 2024 to September 2025, averaging $240 million in monthly revenue.
This far exceeds the $10 million in monthly revenue Ethereum generated in its fifth year since launch.
Because Solana is currently generating 20‑30 times more revenue.”
21Shares also added that Solana's efficiency, scalability, and relatively low transaction costs attract 1.2 million to 1.5 million active addresses daily, which is roughly three times more than Ethereum's value at the same growth stage.
The report also noted the increasing number of Solana treasury companies. According to the latest data, approximately $4 billion in Sol is held on the balance sheets of publicly traded companies. Leading companies include Forward Industries with 6.82 million Sol, followed by Sharps Technology with 2.14 million Sol.
*This is not investment advice.