Solana Records $1.2B in App Revenue in Q1, Pump.fun Leads the Surge

Solana logged its best quarter in 12 months, generating $1.2 billion in application revenue in Q1 2025 — a 20% increase from the previous quarter. January alone accounted for nearly 60% of that revenue, driven by a surge in speculative activity.

Memecoin launchpad Pump.fun led the pack with $257 million, followed by Phantom ($164 million), Photon ($122 million), Bullx ($87 million), and Jupiter ($80 million). Jupiter posted the highest revenue growth rate at 79%.

According to Messari, the revenue spike was closely tied to increased trading speculation ahead of the U.S. presidential inauguration, especially during the launches of the TRUMP and MELANIA tokens. Average daily DEX volume in January hit $8.3 billion, up 153% from Q4 2024.