Amid Cooling Memecoin Frenzy, Solana’s $2.85B Revenue Stands Tall Against Palantir and Robinhood

Solana’s blockchain ecosystem has demonstrated strong performance over the past year, generating approximately $2.85 billion in revenue, according to Matt Mena, crypto research strategist at 21Shares.

In a blog post published Monday, Mena noted that this figure, covering October 2024 through September 2025, underscores Solana’s position as one of the fastest-growing blockchain economies, even as the speculative memecoin craze that boosted early-year trading has subsided.

Mena attributed Solana’s success to its diverse activity mix. Decentralized exchanges, trading platforms, lending apps, wallets, and emerging sectors like DePIN and AI-powered applications all contributed meaningfully to network fees and usage.

Trading platforms such as Photon and Axiom led revenue generation, bringing in around $1.12 billion—roughly 39% of the total. However, Mena stressed that the network’s long-term value comes from its diversity rather than any single application or trend.

Even after the peak trading months of late 2024, monthly revenue has stabilized between $150 million and $250 million, indicating consistent demand for blockspace and network activity beyond short-term speculation.

Mena compared Solana’s revenue to that of major Web2 companies, noting it is on par with Palantir’s $2.8 billion and Robinhood’s $2.95 billion in 2024. He also contrasted Solana with Ethereum at a similar stage—four to five years post-launch—when Ethereum averaged under $10 million per month, highlighting how rapidly Solana has monetized on-chain activity.

The strategist credited Solana’s growth to its high throughput, low transaction fees, and expanding ecosystem. He also pointed to upcoming technical upgrades such as Firedancer and Alpenglow, designed to improve speed and scalability and potentially attract more institutional participation.

“Solana is no longer an experiment,” Mena wrote. “It’s a functioning digital economy showing real staying power.”