According to Messari's "State of Solana Report for Q1 2025," Solana blockchain recorded its strongest performance in 12 months during the first quarter of 2025. Total revenue surged 20% quarter-over-quarter (QoQ), from $970.5 million** to **$1.2 billion. January stood out as the most profitable month, contributing nearly 60% of the quarter’s total revenue.
Top Revenue-Generating Applications on Solana
- Pump.Fun – The popular memecoin launchpad led with $257 million in revenue.
- Phantom Wallet – Ranked second at $164 million.
- Photon – Achieved $122 million (up 13%).
- Bullx – Generated $87 million (up 19%).
- Jupiter – Saw $80 million (up 79%).
Key Ecosystem Metrics
- DeFi TVL (USD) dropped 64% to $6.6 billion.
Stablecoin Market Cap grew 145% to $12.5 billion, driven largely by the Trump memecoin launch on January 17.
- USDC dominance rose 148% monthly to $9.7 billion.
- USDT expanded 154% to $2.3 billion.
Average Transaction Fees:
- Fell 24% QoQ to 0.000189 SOL ($0.04).
- Network Fee per Transaction declined 7% to 0.000008 SOL ($0.0015).
👉 Explore Solana’s ecosystem growth
FAQs
Q: Why did Solana’s revenue spike in Q1 2025?
A: The surge was fueled by memecoin activity (notably Pump.Fun) and stablecoin adoption, alongside lower transaction fees attracting more users.
Q: What caused the DeFi TVL drop despite revenue growth?
A: TVL (in USD terms) fell due to SOL price volatility, while revenue metrics reflect actual on-chain activity and fee generation.
Q: How does USDC’s growth compare to USDT on Solana?
A: USDC’s market cap quadrupled USDT’s, indicating a preference for institutional-grade stablecoins in Solana’s DeFi ecosystem.
👉 Learn more about stablecoin trends
Note: All data is sourced from Messari’s Q1 2025 report. Revenue figures exclude non-application sources (e.g., validator fees).
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