Solana (SOL) is quietly rising. While Solana is currently around 24% off the $290 ATH it reached in January, its recent success has seen it overtake Ethereum (ETH).
According to the latest report from Swiss asset management firm 21Shares, Solana generated $2.85 billion in revenue last year from its trading platform business.
This has been one of the strongest financial years yet for the Solana Network, which has expanded its ecosystem across decentralized finance (DeFi), artificial intelligence (AI), and trading platforms.
According to a report from 21Shares, Solana generated average monthly revenue of $240 million between October 2024 and September 2025, reaching $616 million in January during the memecoin boom, led by tokens like Official Trump (TRUMP).
Even as enthusiasm for TRUMP and other memecoins waned, Solana remained a steady performer, generating between $150 million and $250 million in monthly revenue.
According to the report, fee revenues over the past year have come from across the ecosystem, including decentralized finance (DeFi), memecoins, AI applications, decentralized exchanges, DePIN, launch pads and trading tools.
However, 21Shares stated that Solana’s main source of revenue came from trading platforms such as Photon and Axiom, with their share of revenue reaching 39% ($1.12 billion).
Solana outperforms Ethereum!
When comparing Solana’s progress to Ethereum, analysts at 21Shares noted that Ethereum generated less than $10 million per month in revenue five years after launch.
“Solana generated approximately $2.85 billion in revenue between October 2024 and September 2025, with average monthly revenue of $240 million.
This easily surpasses the $10 million in monthly revenue that Ethereum generated in its fifth year since launch.
Because Solana currently generates 20-30 times more turnover.”
21Shares added that Solana’s efficiency, scalability and relatively low transaction fees attract 1.2 million to 1.5 million active addresses daily, which is roughly three times more than Ethereum’s value at the same growth stage.
The report also noted the increasing number of Solana treasury companies. According to the latest data, there is approximately $4 billion of Sol on the balance sheets of publicly traded companies. Leading companies include Forward Industries with 6.82 million Sol, followed by Sharps Technology with 2.14 million Sol.
*This is not investment advice.
