Solana 2025 Report Card: $15 Billion Annual Revenue, Surpassing Hyperliquid+ Ethereum Total
Original Title: "Solana 2025 Report Card: Annual Revenue of 15 Billion USD, Surpassing Total of 'Hyperliquid+Ethereum'"
Original Author: Wenser, Odaily Planet Daily
The year 2025, belonging to the world of cryptocurrency, has passed. In this year, apart from a series of bullish developments at the policy level, the on-chain ecosystem has seen rapid growth.
From the Meme coin craze sparked by Pump.fun, to the on-chain Perp DEX trend led by Hyperliquid, and further to the stablecoin and PayFi financial wave driven by Circle (CRCL) listing, the on-chain ecosystems of many public chains have also entered a period of explosive growth. Among them, Solana, with its ecosystem vitality, foundational infrastructure development, and an "application-first" internet-style capital network positioning, surpassed Ethereum and ascended to the "annual new king of on-chain networks."
Odaily Planet Daily will, in this article, sort through Solana's on-chain ecosystem, attempting to explore the "best business model" in the current crypto market (Odaily Note: Different data sources and statistical methods, for reference only).
Solana On-Chain Revenue Exceeds 6 Billion USD, Outperforming Ethereum, TRON to Become the "Strongest Public Chain"
When discussing Solana's "year-end report card," we must start from the perspective of public chain revenue. Although the price of SOL has dropped after reaching a new high near $300 last year, with the highest rebound not even reaching $270, from the perspective of public chain operation, its blood-making ability has indisputably taken the top spot.
In 2025, Solana's On-Chain Fee Revenue Surpasses 6 Billion USD
On January 2, Nansen data showed that in 2025, Solana's on-chain fee revenue surpassed 6 billion USD, ranking first ahead of TRON and Ethereum. The top five blockchains in on-chain fee revenue last year were:
· Solana (6.03 Billion USD);
· TRON (5.81 Billion USD);
· Ethereum (5.14 Billion USD);
· BNB Chain (2.59 Billion USD);
· Bitcoin (1.72 Billion USD).
Additionally, Solana had over 1.05 billion active on-chain addresses and approximately 23.01 billion on-chain transactions, both higher than Ethereum, Bitcoin, Tron, and other public chains.
The latest data shows that as of the time of writing, Solana maintains its top position in active addresses, transaction count, fee revenue, and more over the past year.

In 2025, Solana's Annual Revenue Exceeds $15 Billion, Surpassing the Combined Revenue of "Hyperliquid+Ethereum"
According to Blockworks Research data, Solana's annual revenue in 2025 exceeded $15 billion, leading all public chain networks, with Hyperliquid following closely at $7.8 billion and Ethereum generating $6.9 billion during the same period, both behind Solana. What's even more remarkable is that Solana, achieving this revenue milestone, still maintains a median transaction fee of less than 1 cent.
In response to this, Solana co-founder Anatoly Yakovenko acknowledged this achievement and pointed out that scalability and cost efficiency are core drivers. He believes that network scale, rather than high fees, supports sustainable revenue expansion.
In 2025, Solana's On-Chain Spot Trading Volume Reaches $16 Trillion, Surpassing All CEXs Except Binance
Recently, The Kobeissi Letter published an article stating that in 2025, Solana's on-chain spot trading volume officially reached $16 trillion, surpassing all centralized exchange platforms except Binance.
According to JupiterExchange data, since 2022, Solana's on-chain trading volume as a percentage of total volume has grown from 1% to 12%. In 2025, Solana's total trading volume officially surpasses that of Bybit, Coinbase Global, and Bitget, second only to Binance.
At the same time, Binance's market share has dropped from 80% to 55% since 2022. This also indicates that activity within the cryptocurrency industry is rapidly shifting on-chain.

Decoding Solana's Ecosystem Revenue Composition: 4 Key Elements Supporting Over $6 Billion
Based on existing information, Solana's network revenue primarily comes from on-chain transaction fees. In contrast to Ethereum and others, its fee mechanism design emphasizes deflation and validator incentives. The composition of the $6.03 billion total fee revenue in 2025 is as follows:
First Revenue: Base Fee
· A minimal fixed base fee is charged per transaction (around 5000 lamports).
· This fee is entirely burned, not distributed to validators, directly reducing the SOL total supply and creating deflationary pressure.
· It accounts for a significant portion of the total fee revenue, especially in the explosive transaction volume of 2025, significantly enhancing SOL's scarcity through the burning mechanism.
Second Revenue: Priority Fee
· An optional additional fee users can pay to expedite transaction confirmation.
· During high congestion periods (e.g., meme coin frenzy, DEX large trades), the priority fee escalates significantly, becoming a major source of revenue increment.
· This fee is distributed to block producers (Leaders) and stakers, serving as the primary reward for validators.
Third Revenue: MEV (Maximal Extractable Value) Related Revenue
· Through MEV clients like Jito, the fees paid by searchers further supplement revenue.
· In 2025, MEV revenue share has increased, closely tied to the complex arbitrage opportunities in DEX and meme coin trades.
Fourth Revenue: Other Minor Sources
Such as account rent (storage fees), voting fees, etc., with a relatively small share.
In the overall allocation mechanism, about 50% of fees indirectly benefit all SOL holders through the burning mechanism (deflation); about 50% are directly distributed to validators and stakers to incentivize network security. Unlike Ethereum's ecosystem where most of the revenue fees go to validators, Solana's burning mechanism makes its network revenue more capable of capturing long-term value, which is also key to maintaining low fees under high transaction volumes.
Crypto Money-Grabbing Machine Business Model Inventory: Public Chains, Perp DEX, Launchpads Remain the Most Profitable Tracks, Second Only to Stablecoins
Finally, from a comprehensive view of the current market information, public chains (Solana, Ethereum, TRON), on-chain perp DEXes (like Hyperliquid, Aster, etc.), and on-chain Launchpads (like Pump.fun) continue to be the most profitable tracks in the crypto industry, second only to stablecoin projects that earn interest and have stable issuance.
Although we have previously analyzed and explained the embarrassing survival status of current public chain projects in the article "Only 10 Public Chains with Weekly Revenue Exceeding $100,000: Group Skinny Dipping After the Tide Recedes," the existence of public chains such as Solana, Ethereum, TRON, Base, etc., tells us that public chains are still the most profitable crypto track at present, with no equal.
According to DefiLlama data, Hyperliquid's revenue in 2025 was $9.08 billion; revenue costs were about $67.77 million, annual net profit was about $8.43 billion, excluding incentive expenditures, and the net profit returned to the platform in 2025 was as high as about $4.2 billion.

According to DefiLlama data, Pump.fun's 2025 revenue is approximately $5.5 billion. Different from on-chain perp DEX platforms like Hyperliquid, as a "one-click token issuance platform," Pump.fun does not need to spend incentive fees, so its annual net profit is approximately equal to its annual revenue, i.e., $5.49 billion.

From the above information, it can be seen that the mainstream industry's cash cow is still public chains, on-chain Perp DEX, and Launchpad token issuance platforms, second only to stablecoins (for example, Tether's net profit related to the stablecoin sector alone in 2025 is as high as $7.43 billion).
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Debunking the AI Doomsday Myth: Why Establishment Inertia and the Software Wasteland Will Save Us
Editor's Note: Citrini7's cyberpunk-themed AI doomsday prophecy has sparked widespread discussion across the internet. However, this article presents a more pragmatic counter perspective. If Citrini envisions a digital tsunami instantly engulfing civilization, this author sees the resilient resistance of the human bureaucratic system, the profoundly flawed existing software ecosystem, and the long-overlooked cornerstone of heavy industry. This is a frontal clash between Silicon Valley fantasy and the iron law of reality, reminding us that the singularity may come, but it will never happen overnight.
The following is the original content:
Renowned market commentator Citrini7 recently published a captivating and widely circulated AI doomsday novel. While he acknowledges that the probability of some scenes occurring is extremely low, as someone who has witnessed multiple economic collapse prophecies, I want to challenge his views and present a more deterministic and optimistic future.
In 2007, people thought that against the backdrop of "peak oil," the United States' geopolitical status had come to an end; in 2008, they believed the dollar system was on the brink of collapse; in 2014, everyone thought AMD and NVIDIA were done for. Then ChatGPT emerged, and people thought Google was toast... Yet every time, existing institutions with deep-rooted inertia have proven to be far more resilient than onlookers imagined.
When Citrini talks about the fear of institutional turnover and rapid workforce displacement, he writes, "Even in fields we think rely on interpersonal relationships, cracks are showing. Take the real estate industry, where buyers have tolerated 5%-6% commissions for decades due to the information asymmetry between brokers and consumers..."
Seeing this, I couldn't help but chuckle. People have been proclaiming the "death of real estate agents" for 20 years now! This hardly requires any superintelligence; with Zillow, Redfin, or Opendoor, it's enough. But this example precisely proves the opposite of Citrini's view: although this workforce has long been deemed obsolete in the eyes of most, due to market inertia and regulatory capture, real estate agents' vitality is more tenacious than anyone's expectations a decade ago.
A few months ago, I just bought a house. The transaction process mandated that we hire a real estate agent, with lofty justifications. My buyer's agent made about $50,000 in this transaction, while his actual work — filling out forms and coordinating between multiple parties — amounted to no more than 10 hours, something I could have easily handled myself. The market will eventually move towards efficiency, providing fair pricing for labor, but this will be a long process.
I deeply understand the ways of inertia and change management: I once founded and sold a company whose core business was driving insurance brokerages from "manual service" to "software-driven." The iron rule I learned is: human societies in the real world are extremely complex, and things always take longer than you imagine — even when you account for this rule. This doesn't mean that the world won't undergo drastic changes, but rather that change will be more gradual, allowing us time to respond and adapt.
Recently, the software sector has seen a downturn as investors worry about the lack of moats in the backend systems of companies like Monday, Salesforce, Asana, making them easily replicable. Citrini and others believe that AI programming heralds the end of SaaS companies: one, products become homogenized, with zero profits, and two, jobs disappear.
But everyone overlooks one thing: the current state of these software products is simply terrible.
I'm qualified to say this because I've spent hundreds of thousands of dollars on Salesforce and Monday. Indeed, AI can enable competitors to replicate these products, but more importantly, AI can enable competitors to build better products. Stock price declines are not surprising: an industry relying on long-term lock-ins, lacking competitiveness, and filled with low-quality legacy incumbents is finally facing competition again.
From a broader perspective, almost all existing software is garbage, which is an undeniable fact. Every tool I've paid for is riddled with bugs; some software is so bad that I can't even pay for it (I've been unable to use Citibank's online transfer for the past three years); most web apps can't even get mobile and desktop responsiveness right; not a single product can fully deliver what you want. Silicon Valley darlings like Stripe and Linear only garner massive followings because they are not as disgustingly unusable as their competitors. If you ask a seasoned engineer, "Show me a truly perfect piece of software," all you'll get is prolonged silence and blank stares.
Here lies a profound truth: even as we approach a "software singularity," the human demand for software labor is nearly infinite. It's well known that the final few percentage points of perfection often require the most work. By this standard, almost every software product has at least a 100x improvement in complexity and features before reaching demand saturation.
I believe that most commentators who claim that the software industry is on the brink of extinction lack an intuitive understanding of software development. The software industry has been around for 50 years, and despite tremendous progress, it is always in a state of "not enough." As a programmer in 2020, my productivity matches that of hundreds of people in 1970, which is incredibly impressive leverage. However, there is still significant room for improvement. People underestimate the "Jevons Paradox": Efficiency improvements often lead to explosive growth in overall demand.
This does not mean that software engineering is an invincible job, but the industry's ability to absorb labor and its inertia far exceed imagination. The saturation process will be very slow, giving us enough time to adapt.
Of course, labor reallocation is inevitable, such as in the driving sector. As Citrini pointed out, many white-collar jobs will experience disruptions. For positions like real estate brokers that have long lost tangible value and rely solely on momentum for income, AI may be the final straw.
But our lifesaver lies in the fact that the United States has almost infinite potential and demand for reindustrialization. You may have heard of "reshoring," but it goes far beyond that. We have essentially lost the ability to manufacture the core building blocks of modern life: batteries, motors, small-scale semiconductors—the entire electricity supply chain is almost entirely dependent on overseas sources. What if there is a military conflict? What's even worse, did you know that China produces 90% of the world's synthetic ammonia? Once the supply is cut off, we can't even produce fertilizer and will face famine.
As long as you look to the physical world, you will find endless job opportunities that will benefit the country, create employment, and build essential infrastructure, all of which can receive bipartisan political support.
We have seen the economic and political winds shifting in this direction—discussions on reshoring, deep tech, and "American vitality." My prediction is that when AI impacts the white-collar sector, the path of least political resistance will be to fund large-scale reindustrialization, absorbing labor through a "giant employment project." Fortunately, the physical world does not have a "singularity"; it is constrained by friction.
We will rebuild bridges and roads. People will find that seeing tangible labor results is more fulfilling than spinning in the digital abstract world. The Salesforce senior product manager who lost a $180,000 salary may find a new job at the "California Seawater Desalination Plant" to end the 25-year drought. These facilities not only need to be built but also pursued with excellence and require long-term maintenance. As long as we are willing, the "Jevons Paradox" also applies to the physical world.
The goal of large-scale industrial engineering is abundance. The United States will once again achieve self-sufficiency, enabling large-scale, low-cost production. Moving beyond material scarcity is crucial: in the long run, if we do indeed lose a significant portion of white-collar jobs to AI, we must be able to maintain a high quality of life for the public. And as AI drives profit margins to zero, consumer goods will become extremely affordable, automatically fulfilling this objective.
My view is that different sectors of the economy will "take off" at different speeds, and the transformation in almost all areas will be slower than Citrini anticipates. To be clear, I am extremely bullish on AI and foresee a day when my own labor will be obsolete. But this will take time, and time gives us the opportunity to devise sound strategies.
At this point, preventing the kind of market collapse Citrini imagines is actually not difficult. The U.S. government's performance during the pandemic has demonstrated its proactive and decisive crisis response. If necessary, massive stimulus policies will quickly intervene. Although I am somewhat displeased by its inefficiency, that is not the focus. The focus is on safeguarding material prosperity in people's lives—a universal well-being that gives legitimacy to a nation and upholds the social contract, rather than stubbornly adhering to past accounting metrics or economic dogma.
If we can maintain sharpness and responsiveness in this slow but sure technological transformation, we will eventually emerge unscathed.
Source: Original Post Link

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