In the last year, Solana generated $2.85 billion in revenue, as highlighted in a recent report by 21Shares, primarily due to trading platform activities.
From October 2024 to September 2025, Solana saw an average monthly revenue of approximately $240 million, with a peak of $616 million in January during the memecoin surge, stimulated by tokens such as Official Trump (TRUMP). Even after the hype subsided, monthly revenue remained in the range of $150 million to $250 million.
Solana validators earn income from transaction fees. This past year, fee revenue was generated across various sectors of the ecosystem, including decentralized finance (DeFi), memecoins, AI applications, decentralized exchanges, DePIN, launchpads, and trading tools.
Trading platforms are the primary revenue drivers for Solana, contributing 39%, or $1.12 billion, with key applications like Photon and Axiom leading the way.
The report indicates that Solana significantly outpaces Ethereum at a similar developmental stage.
Five years following its launch, Ethereum’s monthly revenue was below $10 million, whereas Solana now generates 20–30 times more. Its efficiency and low fees have attracted about 1.2–1.5 million daily active addresses, nearly three times the count for Ethereum at the same developmental phase.
21Shares is a Switzerland-based asset management firm and one of the leading providers of crypto exchange-traded products (ETPs). In 2021, it introduced the world’s first Solana (SOL) ETP in Europe.
Related: Forward Industries Secures $1.65B Solana Treasury Raise
Solana ETFs and treasuries
As noted in 21Shares’ report, several companies have rebranded as Solana treasury firms this year, leading to nearly $4 billion in SOL now held on public company balance sheets.
On September 18, Nasdaq-listed Brera Holdings changed its name to Solmate following a $300 million oversubscribed PIPE raise, with plans to create a Solana-focused digital asset treasury and infrastructure platform.
Solmate is now one of 18 tracked entities holding a total of 17.8 million SOL tokens. The leader among these is Forward Industries with 6.822 million SOL, followed closely by Sharps Technology with 2.14 million SOL, according to data available at the time of writing.
Additionally, several Solana exchange-traded fund (ETF) applications are pending approval, contingent on the U.S. government reopening this month.
As reported by Cointelegraph, various spot Solana ETF applications are awaiting decisions from the U.S. Securities and Exchange Commission (SEC) in October.
Filing deadlines for Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton fall on Friday, while applications from 21Shares and Bitwise are up for review on October 16.
Given the U.S. government shutdown, decisions may experience delays. However, there is strong belief that Solana ETFs will gain approval when the government reopens.
On Polymarket, bettors believe there is a 99% chance that a Solana ETF will be approved by the end of the year.
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