Solana 2025 Report Card: Protocol Revenue Grows 48x, Daily Active Wallets Hit Record High

Solana Official Releases 2025 Year in Review, with an Impressive Performance. Protocol revenue reaches $1.4 billion, a 48-fold increase over two years; daily active wallets reach 3.2 million, a 50% year-over-year growth; DEX trading volume hits $1.5 trillion, up 57% year-over-year. The supply and staking of stablecoins also hit record highs. Behind these figures, it reflects a comprehensive explosion in the Solana ecosystem’s scale and activity.

Key Achievements of 2025

Protocol revenue growth is the most remarkable

Network revenue of $1.4 billion, a 48-fold increase compared to two years ago. This is the most direct indicator of growth, demonstrating that Solana’s value as infrastructure is rapidly being realized. Protocol revenue comes from transaction fees, rental fees, etc., and growth indicates genuine on-chain activity prosperity, not false prosperity.

User base and activity levels both rise

Daily active wallets reach 3.2 million, a 50% increase year-over-year, setting a new record. This number is crucial—it reflects real user interactions on the chain, not just total accounts. Compared to other public chains, Solana’s daily active user scale is already leading.

Trading ecosystem flourishes

DEX trading volume hits $1.5 trillion, up 57%, also a new all-time high. This shows decentralized trading on Solana has become mainstream, with trading volume growth outpacing user growth, indicating an increase in average trading frequency per user.

Asset scale continues to expand

The doubling of stablecoin supply is especially noteworthy, indicating rapid expansion of on-chain capital. Although the growth rate of staked SOL has slowed month-over-month, reaching a new high, it signifies continued confidence from validators and token holders in the network’s prospects.

Multi-dimensional Observation of Ecosystem Activity

Institutional recognition continues to deepen

According to the latest data, SOL’s current price is $142.06, with a market cap of $8.003 billion, ranking in the top six globally. Nasdaq-listed Solana treasury company DFDV has increased its holdings by over 25,000 SOL in the past month, with a total holding of 2.221 million SOL. Continuous accumulation by such listed companies reflects institutional confidence in SOL as an asset allocation choice.

On-chain application popularity remains high

Related news shows that Meme coins, DeFi applications, games, and other ecosystem applications on Solana maintain high activity. While Meme coins carry risks, their existence demonstrates Solana’s attractiveness as an application platform—low fees and high speed attract various innovative applications.

Technical upgrades lay the foundation for growth

Solana is preparing for the major Alpenglow upgrade, which will achieve sub-second finality through restructured consensus mechanisms, reducing theoretical confirmation latency from 12.8 seconds to 100-150 milliseconds, approximately 100 times lower. Such technical upgrades support future performance and user experience improvements.

Significance Behind the Data

The 48-fold increase in protocol revenue best illustrates the core point. This isn’t achievable just by doubling user numbers; it requires:

• Increased user activity (50% daily active growth)
• Higher transaction frequency per user (DEX volume growth of 57% surpassing user growth)
• Richer application ecosystem (flourishing of stablecoins, DEX, Meme coins, DeFi, etc.)
• Strengthened network effects (staking SOL reaching record highs indicating strong confidence)

The combination of these four factors explains why revenue growth far exceeds user growth.

Future Focus

The Alpenglow upgrade is expected to further enhance Solana’s performance ceiling, providing better infrastructure support for high-frequency trading, gaming, AI applications, and more. Meanwhile, surpassing $14.8 billion in stablecoin scale provides ample liquidity for on-chain financial applications. All these lay a foundation for continued growth into 2026.

Summary

Solana’s 2025 performance fully demonstrates that the value of high-performance public chains is being widely recognized by the market. The 48-fold increase in protocol revenue, 50% growth in daily active wallets, and 57% growth in DEX trading volume all point to a single conclusion: the Solana ecosystem has moved from the conceptual stage into real application. The synchronized growth of user scale and activity is a more accurate reflection of a blockchain’s health than price fluctuations alone. With the upcoming implementation of upgrades like Alpenglow and ongoing ecosystem expansion, Solana’s growth momentum is likely to further accelerate.