Solana generated $2.85 billion in income over the previous 12 months, based on a brand new report from 21Shares, pushed by buying and selling platform exercise.
Between October 2024 and September 2025, Solana averaged about $240 million in month-to-month income, peaking at $616 million in January through the memecoin growth led by tokens like Official Trump (TRUMP). However even after the frenzy cooled, month-to-month income was between $150 million and $250 million.
Solana validators earn income from charges on transactions. Over the previous 12 months, income from charges flowed from throughout the ecosystem, together with decentralized finance (DeFi), memecoins, AI apps, decentralized exchanges, DePIN, launchpads and buying and selling instruments.
Buying and selling platforms stay Solana’s most important income engine, accounting for 39%, or $1.12 billion, pushed by apps like Photon and Axiom.
The report additionally notes that Solana is much forward of Ethereum at a comparable stage.
5 years after its launch, Ethereum’s month-to-month income was beneath $10 million, whereas Solana at present generates 20–30 occasions extra. Its effectivity and low charges have helped the community to draw 1.2–1.5 million every day energetic addresses, roughly triple Ethereum’s on the similar level in its lifecycle.
21Shares is a Switzerland-based asset administration firm and one of many largest crypto exchange-traded product (ETP) suppliers. It launched the world’s first Solana (SOL) exchange-traded product (ETP) in Europe in 2021.
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Solana ETFs and treasuries
Because the 21Shares’ report famous, a number of corporations have rebranded to Solana treasury corporations this 12 months. The result’s that almost $4 billion in SOL is now held on public firm steadiness sheets.
On Sept. 18, Nasdaq-listed Brera Holdings rebranded to Solmate following a $300 million oversubscribed PIPE increase, aiming to construct a Solana-focused digital asset treasury and infrastructure platform.
Solmate is now one in all 18 tracked entities holding a mixed 17.8 million SOL tokens. Main the pack is Ahead Industries with 6.822 million SOL, adopted by Sharps Expertise with 2.14 million SOL, based on data on the time of writing.
There are additionally a number of Solana exchange-traded fund (ETF) purposes that would see approval if the US authorities reopens this month.
As Cointelegraph reported, a number of spot Solana ETF applications are awaiting selections from the US Securities and Alternate Fee (SEC) in October.
Deadlines for filings from Constancy, VanEck, Grayscale, Canary and Franklin Templeton fall on Friday, whereas purposes from 21Shares and Bitwise are scheduled for evaluation on Oct. 16.
With the US government shut down, selections are more likely to be pushed again. However when the federal government does reopen, most imagine the Solana ETFs shall be accepted.
On Polymarket, bettors suppose there’s a 99% likelihood {that a} Solana ETF shall be accepted by the tip of the year.
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