$1,500,000,000 in 12 Months: Solana Flips Ethereum and Hyperliquid in Revenue

The Solana (SOL) blockchain achieved massive network revenue in 2025, outpacing Ethereum (ETH) and Hyperliquid (HYPE). Over the past year, Solana generated over $1.5 billion in revenue.

Solana flips Ethereum and Hyperliquid in yearly revenue

Solana cofounder Anatoly Yakovenko celebrated the achievement on X.

“With a median user transaction fee less than a penny. Increase capacity, reduce costs,” Yakovenko wrote.

His comment is a direct nod to Solana’s core design, which includes high throughput and low fees. Yakovenko thinks this philosophy has contributed to massive Solana volume and, eventually, high total revenue.

Rather than charging users high per-transaction fees, the Solana revenue comes from sheer scale.

Year-to-date, the total Solana revenue has reached $1.5 billion, according to data from Blockworks Research. Hyperliquid came second, with a total revenue of $780 million, followed by Ethereum with $690 million.

Combined, Ethereum and Hyperliquid still underperformed Solana in yearly revenue. Other blockchains in the top 10 include Tron, BNB, Bitcoin, Base, Arbitrum, Optimism and Avalanche.

Solana network gains massive adoption

The surge in Solana revenue comes almost entirely from user-paid fees on billions of transactions. This shows enormous volume driven by meme coin trading and launches, DeFi activity and consumer applications.

Unlike some competitors that rely on high per-transaction costs, Solana is winning on scaling. Low fees enable explosive adoption, which in turn generates high total revenue.

In 2025, Solana processed billions of transactions, far outpacing most chains in daily active users and throughput. In August alone, Solana processed 2.9 billion transactions, emphasizing the scalability and higher throughput of the protocol.

In comparison, Ethereum (ETH) has only managed to hit the same 2.9 billion transactions in total across its history. This means that, since Ethereum launched in 2015, it has only achieved a transaction count of 2.9 billion. In contrast, Solana accomplished this in just 30 days.

Moreover, high revenue signals a healthy and vibrant economy. This could attract more builders, apps, protocols, retailers and even institutional investors.

The Solana exchange-traded funds (ETFs) officially launched in October and have gained sustained inflows. As investors actively engaged with the products, the ETFs recorded 17 days of consecutive inflows.

If the momentum continues, it could fuel more price rebounds for SOL, which is currently trading at $124.90.