Solana 2025 Report Card: Application revenue up 46% to $2.39 billion, multiple metrics hit record highs

In 2025, Solana delivered an impressive report card. Application revenue reached $2.39 billion, a 46% year-over-year increase; network revenue grew 48 times in two years; daily active wallets increased by 50% YoY… Multiple indicators hit record highs. This not only demonstrates that Solana’s high-performance public chain positioning is recognized but more importantly, its ecosystem is evolving from a simple trading platform into a comprehensive financial and application ecosystem.

Dual Explosion of Application and Trading Ecosystems

The growth of the Solana ecosystem is no longer a single point breakthrough but a comprehensive bloom. In terms of application revenue, applications built on Solana reached $2.39 billion, with 7 applications earning over $100 million each, indicating that the ecosystem has cultivated a batch of products with actual commercial value.

The trading ecosystem performed even more outstandingly. DEX trading volume reached $1.5 trillion, a 57% YoY increase; DEX aggregator trading volume hit $922 billion, doubling YoY. Behind these numbers lies an important fact: the on-chain spot trading volume on Solana has surpassed all centralized trading platforms except Binance, reaching $1.6 trillion in 2025. This means Solana is no longer a “complement to on-chain trading” but has become a mainstream trading venue.

Although Meme coin trading volume declined 10% YoY, it grew 80 times over two years. Launchpad platform revenue doubled YoY to $762 million, creating 11.6 million tokens. This reflects Meme coins’ shift from pure speculation to more regulated development. Although hotness has cooled, infrastructure and revenue-generating capacity continue to improve.

Deep Enhancement of Network Performance and Asset Ecosystem

On the network level, Solana’s infrastructure continues to optimize. Non-vote transaction volume reached 33 billion, up 28% YoY; daily active wallets averaged 3.2 million, a 50% increase YoY. More critically, transaction fees hit a historic low—average transaction fee was only $0.017, with the median dropping to $0.0011. Low fees not only attract retail investors but also create conditions for institutional applications.

The expansion of the asset ecosystem is also accelerating. The stablecoin supply at year-end reached $14.8 billion, more than doubling YoY; transfer volume reached $11.7 trillion, a 7-fold increase in two years. For the first time, stock-like assets have landed on Solana, with a supply of $100 million and trading volume of $65.1 million. This indicates Solana is becoming a trading venue for real assets, no longer just a stage for crypto assets.

Accelerated Institutional Recognition and Integration

From related news, traditional finance is accelerating its embrace of Solana. Morgan Stanley has submitted documents to the U.S. Securities and Exchange Commission to apply for an ETF tracking Solana’s price. Meanwhile, capital inflows into Solana spot ETFs are also accelerating—single-day net inflows of $16.8 million set a record high, with total net inflows reaching $791 million.

These data reveal an important signal: Solana is shifting from a “public chain for geeks and traders” to “infrastructure for institutions and mainstream users.” The combination of low fees, high performance, and a complete ecosystem gives Solana the foundation to compete with traditional finance.

Summary

By 2025, Solana is no longer competing for the label of “fastest public chain” but is building the “most complete ecosystem.” From application revenue to trading volume, from network performance to asset diversification, and to the inflow of institutional funds, these numbers point in one direction: Solana is becoming mainstream.

Importantly, this growth is not built on bubbles. Metrics reflecting real usage—daily active wallets, transaction counts, application revenue—are all growing in tandem, indicating genuine demand behind them. In 2026, with ongoing network upgrades and more institutional products launching, the maturity of the Solana ecosystem is expected to further advance.