Solana Reports Q1 2025 Revenue of $1.2B, Up 20% QoQ, Driven by Meme Coins, DEXs, and Crypto Wallets

January was a very strong month, contributing nearly 60% of the overall revenue for the quarter, with contributors like Pump.fun, Phantom, and Jupiter

Solana, the high-throughput blockchain known for its speed and minimal transaction fees, reported stellar application revenue of $1.2 billion in Q1 2025. This figure represents a 20% increase from the previous quarter and was driven largely by meme coins, decentralized exchanges (DEXs), and crypto wallets.

January was an especially strong month for Solana, contributing almost 60% of the quarter’s total revenue. Contributors like Pump.fun, Phantom, and Jupiter highlight the platform’s potential for monetizing applications.

In another development, average transaction fees decreased by 24% to $0.04 during the quarter, sustaining Solana’s speed and low-cost edge. This is crucial for user and developer onboarding in DeFi, NFT, and meme coin markets.

However, despite the rising revenue, Solana saw its USD-denominated DeFi TVL sink 64% lower from the previous quarter. This was driven by investor caution and capital outflow due to market volatility and alternative chain competition.

But TVL in SOL tokens actually saw an increase, suggesting that the USD decline was partly a result of SOL token price volatility and not a complete abandonment of assets. This divergence highlights the struggle Solana faces in keeping capital within its DeFi ecosystem.

Solana’s Q1 2025 was characterized by stunning application revenue and low transaction fees, solidifying its position as an excellent blockchain for high-throughput applications and speculative trading. The sharp decline in DeFi TVL is concerning and points to the chronic issue of maintaining capital in its ecosystem. Surmounting these issues and finding ways to utilize its advantages in high-throughput applications will be crucial for Solana to sustain its momentum.