In the first quarter of 2025, the blockchain protocol #solana recorded its strongest performance in a year, with total revenue from applications increasing to $1.2 billion. January was particularly noteworthy, accounting for almost 60% of total quarterly revenue.
Pump.fun is the revenue leader in Q1 among Solana applications
In the first quarter of 2025, the Solana blockchain protocol experienced its best quarter in 12 months, with a key highlight being the increase in total revenue from applications to $1.2 billion. As noted in the Messari report on the state of Solana for Q1 2025, the total revenue of the protocol from applications was 20% higher than the $970.5 million earned in the previous quarter.
According to the report, January was clearly the best month for applications on the protocol, accounting for almost 60% of $1.2 billion. The popular meme coin launch platform Pump.fun had the highest revenue among all applications — $257 million, followed by Phantom with $164 million.
Like the two leading applications, Photon, ranking third (13%), also recorded double-digit revenue growth to $122 million, as did Bullx, ranking fourth (19%), with $87 million. Jupiter, ranking fifth, which earned $80 million, had the highest revenue growth rate among the top 5 applications — 79%.
Meanwhile, the Messari report links the revenue growth to increased speculation, especially in the period leading up to the inauguration of the current U.S. president.
"The revenues of these applications are directly related to the increase in speculation, as they facilitate trading of assets. This was particularly evident when $TRUMP and MELANIA were launched. The average daily DEX volume in dollars in January rose to $8.3 billion, which is 153.4% higher than the average in Q4 2024," the report states.
The USDC stablecoin market on Solana is four times larger than USDT
Meanwhile, the report data shows that while the total value locked in decentralized finance (DeFi) on Solana fell in dollar terms by 64% to $6.6 billion, this figure still allowed the protocol to maintain its second position among networks. However, when measured in the number of Solana tokens, DeFi TVL ($SOL ) increased by 18% quarter-over-quarter to 53 million SOL.
Meanwhile, the market capitalization of stablecoins on Solana grew by 145% to $12.5 billion and was mainly driven by the launch of the meme coin TRUMP on January 17. This launch is said to have "brought liquidity into Solana and led to the emergence of various highly liquid pairs utilizing $USDC ." The rise in the market capitalization of the stablecoin USDC to $9.7 billion followed a 148% quarter-on-quarter increase. The market capitalization is four times larger than that of its main competitor USDT, which rose by 154% to $2.3 billion.
During this period, the average transaction fee decreased by 24% quarter-over-quarter to 0.000189 SOL ($0.04), while the median transaction fee decreased by 7% to 0.000008 SOL ($0.0015). However, January saw a significant spike in average fees coinciding with the launch of the TRUMP token, reaching $0.41 on January 19, while the median remained low at $0.003, illustrating the impact of local fee markets.
