Solana has pulled well ahead of other networks on a key measure: revenue. That gap is large enough to change how traders and builders talk about where money flows in crypto.
Only two other chains have cleared the $100 million mark: BNB Smart Chain at $148 million and Bitcoin at $135 million.
Base, Coinbase’s layer-2, records $54 million and leads the L2 group, while Arbitrum, Polygon and Optimism report revenues between $10.80 million and nearly $3 million.
Solana has generated $1.25B in revenue YTD…
Nearly 2.5x more than Ethereum.
In the past 30 days, Solana pulled in more than $210 million in revenue. Much of that cash was earned by apps on the network rather than by Solana’s base layer.
Based on reports, memecoin launchpad Pump.fun and trading bot Axiom Pro generated close to $53 million and $51 million respectively in the last month.
Decentralized exchanges such as Jupiter and Meteora, along with the Phantom wallet, also rank among the top revenue generators.
Solana’s own on-chain fee haul was $4.56 million over the same period, placing the chain itself eighth among revenue sources.
Reports have disclosed that developers and investors see this as a feature of Solana: apps can make big money fast.
Axiom Exchange became the fastest app to reach $200 million in revenue, doing so in 202 days when it hit the mark on August 4.
Pump.fun reached $200 million in 303 days. Helius Labs CEO Mert Mumtaz has said that the ecosystem’s architecture attracts builders who can run revenue-heavy services, and the numbers appear to back that view.
SOL has been reacting. According to price trackers, SOL climbed about 6% to $215 in a single session and is up 17% over the past 30 days.
Year-to-date, however, SOL lags some larger tokens such as Bitcoin, Ether, XRP and BNB. Market gains and big app revenues together are driving bullish sentiment among traders and some fund managers.
Featured image from Shutterstock, chart from TradingView
