Solana’s $2.85B revenue outpaces Ethereum’s early growth: 21Shares
News Summary
Solana generated $2.85 billion in revenue over the past year (October 2024 to September 2025), primarily driven by trading platform activity, according to a new report from 21Shares. During this period, Solana averaged about $240 million in monthly revenue, peaking at $616 million in January 2025 amid a memecoin boom, including tokens like "Official Trump (TRUMP)". Even after the frenzy cooled, monthly revenue remained between $150 million and $250 million. The report highlighted diverse revenue sources, including decentralized finance (DeFi), memecoins, AI apps, decentralized exchanges, DePIN, launchpads, and trading tools, with trading platforms accounting for 39% ($1.12 billion). Solana significantly outperforms Ethereum at a comparable stage in its lifecycle, generating 20-30 times more monthly revenue and attracting 1.2-1.5 million daily active addresses, roughly triple Ethereum's at the same point. Asset management firm 21Shares launched the world’s first Solana (SOL) exchange-traded product (ETP) in Europe in 2021. Currently, several companies have rebranded to Solana treasury companies, resulting in nearly $4 billion in SOL held on public company balance sheets. For instance, Nasdaq-listed Brera Holdings rebranded to Solmate on September 18 after a $300 million oversubscribed PIPE raise, aiming to build a Solana-focused digital asset treasury and infrastructure platform. Furthermore, multiple spot Solana ETF applications are awaiting decisions from the US Securities and Exchange Commission (SEC) in October 2025. While a US government shutdown may delay these decisions, market sentiment strongly anticipates approval. Polymarket bettors assign a 99% chance of a Solana ETF being approved by the end of the year.
Background
Solana is a high-performance blockchain platform known for its high throughput and low transaction fees, often seen as a scalable alternative to Ethereum. Its technological advantages have attracted developers in DeFi, NFTs, and Web3 applications. Exchange-Traded Products (ETPs) and Exchange-Traded Funds (ETFs) are financial instruments in traditional markets that allow investors to gain exposure to digital assets without directly purchasing and storing them. Their launch is often considered a significant milestone for the institutionalization and mainstream adoption of cryptocurrencies. 21Shares is a leading provider of crypto ETPs, and its reports and product launches influence market sentiment and institutional investment decisions. Memecoins, such as "Official Trump (TRUMP)" mentioned in the article, represent a highly speculative and community-driven segment of the crypto market, capable of significantly boosting network activity and revenue in the short term.
In-Depth AI Insights
Beyond the revenue figures, what strategic implications does Solana's growth relative to Ethereum's early stages hold for the broader blockchain investment landscape? - Solana's efficiency and lower fees challenge the "first-mover advantage" narrative in the blockchain space. - Its rapid adoption by DApps and treasury companies signals a potential shift in institutional preference towards more scalable Layer 1 blockchains. - The memecoin boom, including tokens like TRUMP, highlights a unique, perhaps volatile, yet significant driver of network activity and revenue, demonstrating that retail and speculative interest can fuel infrastructure growth, not just technological innovation. How might the anticipated approval of US spot Solana ETFs, despite the government shutdown, influence SOL's market dynamics and the broader crypto regulatory environment under the Trump administration? - ETF approval could unlock significant institutional capital for SOL, further legitimizing it as a mainstream investment asset. - While market confidence is high (Polymarket 99%), actual approval could still trigger a "buy the news" event, driving up its price. - Under the Trump administration, SEC approval of a Solana ETF might signal a more pragmatic or open regulatory stance towards cryptocurrencies, especially as the President seeks to leverage crypto community support, potentially paving the way for ETFs for other digital assets, though likely initially focusing on established ones. What does the trend of Solana becoming a significant holding on public company balance sheets signify for the institutionalization of crypto assets and market stability? - This trend marks a shift in crypto assets from purely speculative instruments to corporate stores of value and strategic reserves, enhancing their acceptance within traditional finance. - As more companies incorporate SOL into their balance sheets, the price volatility of crypto assets may be partially mitigated by the long-term strategies of corporate holders, thereby increasing market stability. - It could also encourage more enterprises to explore blockchain technology for treasury management and operations, further blurring the lines between traditional finance and digital assets.