Solana’s network continues to show unexpected resilience, according to new research from Matt Mena, a crypto research strategist at 21Shares.
In a blog post published Monday, Mena said Solana generated roughly $2.85 billion in annual revenue from October 2024 through September 2025, cementing its position as one of crypto’s fastest-growing blockchain economies. He described the revenue as “remarkably strong,” even as the speculative memecoin frenzy that drove early-year trading volumes has cooled.
Mena attributed Solana’s strength to its broad mix of activity. He said decentralized exchanges, trading tools, lending apps, wallets, and emerging sectors like DePIN and AI-driven applications all contributed meaningfully to network fees and usage.
While trading tools such as Photon and Axiom