The Solana network continues to show unexpected resilience, according to new research by Matt Mena, a cryptographic research strategist at 21Shares.
In a blog article published on Monday, Mena said So Solana generated around $ 2.85 billion in annual income from October 2024 to September 2025, cementing its position as one of the fastest blockchain savings in crypto. He described income as “remarkably strong”, even if the speculative frenzy of the same which led trading volumes at the start of the year has cooled.
Mena awarded Solana’s strength to its wide mixture of activity. He said that decentralized exchanges, trading tools, loan applications, wallets and emerging sectors as well as a depth and AI applications have all contributed significantly to the costs and use of the network.
While trading tools such as Photon and Axiom have opened the way – collectively generating around $ 1.12 billion, or 39% of total turnover – Mena stressed that Solana’s value comes from its diversity rather than one trend.
Even after the advanced months at the end of 2024, Mena noted that Solana’s monthly income stabilized between $ 150 million and 250 million dollars, suggesting a sustained demand for block and activity space beyond speculative overvoltages.
He compared the total turnover of the network to 2.8 billion dollars in palantants and at $ 2.95 billion in Robinhood in 2024, saying that Solana “approaching the main web2 platforms”.
MENA also contrasted Solana’s position with the previous development stage of Ethereum.
He said that four to five years after launch – about where Solana is now – Ethereum was on average less than $ 10 million per month of income, highlighting the speed with which Solana monetized the use of Onchain. He credited the high flow of blockchain, low transaction costs and the growing ecosystem to accelerate adoption.
According to Mena, Solana’s evolution reflects a transition from resilience to preparation.
He highlighted the upcoming technical upgrades such as Firedancer and Alpenglow which aim to improve speed and scalability, adding that these advances could position Solana for greater institutional participation.
“Solana is no longer an experience,” Mena wrote. “It is a functional digital economy showing real power.”
