In the second quarter of 2025, key metrics of the Solana ecosystem showed mixed performance. Total application revenue fell by 44.2% to $576.4 million, while the application revenue capture rate rose from 126.5% to 211.6%.

Application revenue plummeted

According to Messari's latest report, the total application revenue on the Solana platform plummeted by 44.2% quarter-over-quarter, from $1 billion to $576.4 million. Among them, Pump.fun contributed over 25% of the revenue, reaching $156.9 million, a decrease of about 40% from the previous quarter. Jupiter's revenue also fell sharply, down 15.6% to $66.4 million; Phantom dropped 65.4% to $53.5 million; Photon decreased by 72.4% to $32.5 million.

On the other hand, the application revenue (also known as on-chain GDP) of the trading platform Axiom, supported by Y Combinator, surged by 641.3% to reach $126.6 million. The spike in Axiom's revenue is attributed to its reward mechanism, making it increasingly popular among memecoin traders.

Messari's report notes: 'Based on user trading volume, they earn SOL rewards for each transaction and also receive rewards based on the trading volume of their referrers.'

Despite the significant decline in on-chain GDP, Solana's application revenue capture rate (ARCR) still grew from 126.5% to 211.6% this quarter. The report states that this means 'when users spend $100 on transaction fees (and/or Jito tips) to interact with Solana, the application can earn $211.60 in revenue.'

During this period, the total locked value (TVL) in decentralized finance (DeFi) on Solana grew by 30.4% this quarter, reaching $8.6 billion. This performance allowed Solana to maintain its second position in the DeFi TVL network after surpassing TRON in November 2024. The report notes that Kamino maintained its leading position in TVL, ending the quarter with a TVL value of $2.1 billion, a market share of 25.3%, and a TVL growth of 33.9%. Raydium's TVL grew by 53.5% to $1.8 billion, reclaiming the second position; Jupiter ranked third with a TVL value of $1.6 billion and a market share of 19.4%.

Meanwhile, the market value of stablecoins on Solana decreased by 17.4% to $10.3 billion, ranking third in the network. USDC's market value closed at $7.2 billion, while USDT is the second largest stablecoin on the network, with a market value of $2.3 billion. First Digital's FDUSD saw its market value grow by 192% to $303.6 million, ranking third.

The value of real-world assets (RWA) on Solana increased by 23.9% to $39.06 million, with Ondo Finance's USDY and OUSG being the two largest assets, reaching $17.52 million and $7.96 million, respectively. On the other hand, in the second quarter of 2025, the daily trading volume of non-fungible tokens (NFTs) decreased by 46.4% to $979,500.