Solana Outperforms Ethereum’s Growth Pace with $2.85B in Annual Revenue

According to 21Shares, Solana made $2.85 billion in revenue last year, making it one of the fastest-growing blockchain networks. Its growth comes from wider use in trading, DeFi, and new digital platforms.

The network earned an average of $240 million per month and peaked at $616 million in January during the memecoin craze. Even after the market cooled, monthly revenue stayed between $150 million and $250 million. Solana’s growth is faster than Ethereum at a similar stage, showing strong demand for its network.

What’s Behind Solana’s $2.85B Revenue?

Trading platforms drive much of Solana’s income, contributing around 39% or $1.12 billion a year. Apps like Photon and Axiom bring heavy trading, generating fees for validators and supporting a wide ecosystem including DeFi, AI apps, decentralized exchanges, launchpads, and DePIN projects.

The network’s expansion is not purely speculative. Although memecoins such as Official Trump briefly drove high activity, Solana continued to generate significant revenue afterward, showing adoption that extends beyond short-term trends. The $2.85 billion figure emphasizes consistent engagement rather than one-time trading spikes.

The network’s design is a key factor in its performance. Daily active addresses range from 1.2 to 1.5 million, about three times Ethereum’s number at the same stage. A large user base keeps the ecosystem strong and revenue reliable.

The Influence of Institutional Adoption on SOL

Institutional adoption is playing an increasingly important role in Solana’s performance. Several companies have become Solana-focused treasury entities, holding nearly $4 billion in SOL tokens. For example, Nasdaq-listed Brera Holdings rebranded as Solmate after a $300 million oversubscribed PIPE raise, aiming to develop Solana-based digital infrastructure.

Other major holders include Forward Industries with 6.822 million SOL and Sharps Technology with 2.14 million SOL. In total, 18 tracked companies control 17.8 million SOL, showing a growing institutional presence. This is similar to Ethereum’s adoption but faster due to Solana’s efficiency and low fees.

These corporate holdings signal trust in Solana’s long-term value. Keeping SOL on their balance sheets shows companies are using it for treasury and digital operations, not just for profit. This adds stability and may attract more investors.

The Potential Impact of Solana ETFs

Solana’s growth could gain momentum from regulatory developments. Several Solana ETF applications from Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton are under review by the US Securities and Exchange Commission. 21Shares and Bitwise also have applications, with decisions expected by mid-October.

The US government shutdown has caused delays, but market confidence is still high. On Polymarket, traders give a 99% chance that a Solana ETF will be approved this year. If approved, it could give investors more access, increase liquidity, and boost SOL demand.

This trend follows what has been observed with Ethereum and Bitcoin, where ETF approvals often lead to increased market activity. Alongside growing corporate treasury holdings, Solana could see further ecosystem growth and wider adoption in the financial sector.

What Does the Network Growth Mean for SOL?

Solana’s fast network expansion highlights strong demand and growing adoption of its blockchain. This indicates that SOL’s value is driven by more than short-term trends, supported by a reliable and increasingly robust ecosystem.

Institutional interest and the possible approval of Solana ETFs could further boost SOL’s standing. As more companies hold SOL for treasury purposes and ETFs provide access to a wider range of investors, liquidity and demand are likely to increase, positioning Solana for sustained growth and broader market adoption.