In the first quarter of 2025, Solana’s blockchain protocol recorded its strongest performance in a year, with total application revenue rising to $1.2 billion. January was particularly notable, accounting for nearly 60% of the quarter’s total revenue.

Pump fun Top Revenue Generator in Q1 for Solana Apps

In the first quarter of 2025, the blockchain protocol Solana experienced its best quarter over 12 months, with a surge in total application revenue to $1.2 billion as a key highlight. As indicated by Messari’s State of Solana Q1 2025 report, the protocol’s total application revenue generated was 20% higher than the $970.5 million generated in the preceding quarter.

According to the report, January was by far the best month for applications on the protocol, accounting for nearly 60% of the $1.2 billion. Popular memecoin launch platform Pump.fun had the highest revenue of any application with $257 million, followed by Phantom with $164 million.

Like the top two generating applications, third-ranked Photon (13%) also registered double-digit revenue growth to $122 million, as did fourth-ranked Bullx (19%) with $87 million. Fifth-ranked Jupiter, which generated $80 million, had the highest (79%) revenue growth rate among the top five applications.

The Messari report, meanwhile, links the revenue growth to increased speculation, particularly in the period before the inauguration of the current U.S. president.

“These applications’ revenue is directly correlated to increases in speculation as they facilitate the trading of assets. This was especially apparent when TRUMP and MELANIA launched. Average daily DEX volume (USD) in January grew to $8.3 billion, a 153.4% increase from the average in Q4’24,” the report states.

USDC Stablecoin Market on Solana Four Times Larger Than USDT

The report data, meanwhile, shows that while the decentralized finance (DeFi) total value locked (TVL) on Solana in U.S. dollar terms dropped by 64% to $6.6 billion, this figure was still enough to see the protocol maintain its No. 2 position among networks. However, when measured in terms of the number of Solana tokens, the DeFi TVL ( SOL) grew by 18% quarter over quarter (QoQ) to 53 million SOL.

Meanwhile, the stablecoin market capitalization on Solana grew by a massive 145% to $12.5 billion and was driven primarily by the TRUMP memecoin launch on Jan. 17. This launch is said to have “brought an influx of liquidity to Solana and resulted in various high-liquidity pairs using USDC.” The rise of USDC stablecoin’s market cap to $9.7 billion followed a 148% quarter-over-quarter growth. The market capitalization is four times that of main rival USDT, which grew by 154% to $2.3 billion.

During the period, the average transaction fee decreased by 24% quarter-over-quarter to 0.000189 SOL ($0.04), while the median transaction fee was down 7% to 0.000008 SOL ($0.0015). However, there was a notable spike in average fees in January coinciding with the launch of the TRUMP token, reaching $0.41 on Jan. 19, while the median remained low at $0.003, illustrating the impact of local fee markets.
#binance #wendy #BTC #SOLANA $SOL