According to a recent report from 21Shares, Solana generated $2.85 billion in revenue over the past year, primarily due to trading platform activity.
From October 2024 to September 2025, Solana averaged approximately $240 million in monthly revenue, reaching a peak of $616 million in January during a memecoin surge led by tokens like Official Trump (TRUMP). Even after the hype subsided, monthly revenues remained between $150 million and $250 million.
Revenue for Solana validators stems from transaction fees. This past year, fees generated revenue from various sectors, including decentralized finance (DeFi), memecoins, AI applications, decentralized exchanges, DePIN, launchpads, and trading tools.
Trading platforms are Solana’s primary revenue source, contributing 39%, or $1.12 billion, fueled by apps such as Photon and Axiom.
The report also emphasizes that Solana is significantly outperforming Ethereum at a similar developmental stage.
Five years post-launch, Ethereum’s monthly revenue was below $10 million, whereas Solana currently produces 20–30 times more. Its efficiency and low transaction costs have attracted approximately 1.2–1.5 million daily active addresses, roughly three times Ethereum’s count at the same stage.
21Shares is an asset management firm based in Switzerland and a major provider of crypto exchange-traded products (ETPs), having introduced the world’s first Solana (SOL) ETP in Europe in 2021.
Related: Forward Industries Secures $1.65B Solana Treasury Raise
Solana ETFs and Treasuries
As noted in the 21Shares report, several companies have transitioned to Solana treasury companies this year, resulting in nearly $4 billion in SOL now held on public company balance sheets.
On September 18, Nasdaq-listed Brera Holdings rebranded to Solmate after a $300 million oversubscribed PIPE raise, with plans to establish a Solana-focused digital asset treasury and infrastructure platform.
Solmate is among 18 tracked entities holding a collective 17.8 million SOL tokens. Leading the group is Forward Industries with 6.822 million SOL, followed 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 poised for approval if the US government reopens this month.
As reported by Cointelegraph, multiple spot Solana ETF applications are awaiting decisions from the US Securities and Exchange Commission (SEC) this October.
Application deadlines for Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton fall on Friday, while 21Shares and Bitwise applications are slated for review on October 16.
With the US government in shutdown, decision timelines may be extended. However, once the government reopens, there is widespread belief that the Solana ETFs will receive approval.
On Polymarket, bettors estimate a 99% probability that a Solana ETF will be approved by the end of the year.
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