Solana's application revenue in the first quarter reached 1.2 billion USD, with Pump.fun leading

The Solana blockchain recorded its best performance in the past 12 months in the first quarter of 2025, with total application revenue reaching 1.2 billion USD, an increase of 20% compared to the previous quarter. January alone contributed nearly 60% of the revenue, mainly driven by a strong speculative frenzy.

The memecoin platform Pump.fun had the highest revenue at 257 million USD, followed by Phantom (164 million USD), Photon (122 million USD), Bullx (87 million USD), and Jupiter (80 million USD), with Jupiter seeing the largest increase at 79%.

The Messari report noted that the revenue surge was closely related to speculation in cryptocurrency asset trading, especially during the launch of the TRUMP and MELANIA tokens. The average daily DEX trading volume in January reached 8.3 billion USD, a month-on-month increase of 153%.