Solana generated $2.85 billion in income over the previous yr, in line with a brand new report from 21Shares, pushed by buying and selling platform exercise.
Between October 2024 and September 2025, Solana averaged about $240 million in month-to-month income, peaking at $616 million in January through the memecoin increase led by tokens like Official Trump (TRUMP). However even after the frenzy cooled, month-to-month income was between $150 million and $250 million.
Solana validators earn income from charges on transactions. Over the previous yr, income from charges flowed from throughout the ecosystem, together with decentralized finance (DeFi), memecoins, AI apps, decentralized exchanges, DePIN, launchpads and buying and selling instruments.
Buying and selling platforms stay Solana’s predominant income engine, accounting for 39%, or $1.12 billion, pushed by apps like Photon and Axiom.
The report additionally notes that Solana is way forward of Ethereum at a comparable stage.
5 years after its launch, Ethereum’s month-to-month income was underneath $10 million, whereas Solana at the moment generates 20–30 instances extra. Its effectivity and low charges have helped the community to draw 1.2–1.5 million every day lively addresses, roughly triple Ethereum’s on the identical level in its lifecycle.
21Shares is a Switzerland-based asset administration firm and one of many largest crypto exchange-traded product (ETP) suppliers. It launched the world’s first Solana (SOL) exchange-traded product (ETP) in Europe in 2021.
Associated: Ahead Industries Secures $1.65B Solana Treasury Increase
Solana ETFs and treasuries
Because the 21Shares’ report famous, a number of firms have rebranded to Solana treasury firms this yr. The result’s that just about $4 billion in SOL is now held on public firm steadiness sheets.
On Sept. 18, Nasdaq-listed Brera Holdings rebranded to Solmate following a $300 million oversubscribed PIPE elevate, aiming to construct a Solana-focused digital asset treasury and infrastructure platform.
Solmate is now certainly one of 18 tracked entities holding a mixed 17.8 million SOL tokens. Main the pack is Ahead Industries with 6.822 million SOL, adopted by Sharps Know-how with 2.14 million SOL, in line with knowledge on the time of writing.
There are additionally a number of Solana exchange-traded fund (ETF) purposes that might see approval if the US authorities reopens this month.
As Cointelegraph reported, a number of spot Solana ETF purposes are awaiting selections from the US Securities and Alternate Fee (SEC) in October.
Deadlines for filings from Constancy, VanEck, Grayscale, Canary and Franklin Templeton fall on Friday, whereas purposes from 21Shares and Bitwise are scheduled for evaluate on Oct. 16.
With the US authorities shut down, selections are prone to be pushed again. However when the federal government does reopen, most consider the Solana ETFs can be permitted.
On Polymarket, bettors assume there’s a 99% likelihood {that a} Solana ETF can be permitted by the tip of the yr.
Journal: TradFi is constructing Ethereum L2s to tokenize trillions in RWAs — Inside story
