Solana's $2.85B Revenue Competes With Palantir and Robinhood as Memecoin Mania Fades

Solana network demonstrates unexpected resilience according to 21Shares research strategist Matt Mena. In his recent analysis, Mena revealed Solana generated approximately $2.85 billion in annual revenue from October 2024 through September 2025, establishing itself as one of cryptocurrency's fastest-growing blockchain ecosystems. The researcher described these results as "remarkably strong" despite cooling memecoin speculation that previously drove trading volumes. Mena attributed Solana's performance to diverse activity across multiple sectors. Decentralized exchanges, trading tools, lending applications, wallets, and emerging areas like DePIN and AI-powered applications all significantly contributed to network fees and usage. While trading platforms Photon and Axiom led with $1.12 billion combined (39% of total revenue), Mena emphasized Solana's value now stems from diversification rather than single trends. Post-2024 peak months, Solana's monthly revenues stabilized between $150-250 million, indicating sustained demand for blockspace beyond speculative surges. Mena compared these figures to Palantir's $2.8 billion and Robinhood's $2.95 billion 2024 revenues, noting Solana approaches "major Web2 platforms scale." The analysis contrasted Solana with Ethereum's early development phase, where Ethereum averaged under $10 million monthly revenue at similar maturity. Mena credited Solana's rapid monetization to high throughput, low transaction costs, and expanding ecosystem. Upcoming Firedancer and Alpenglow upgrades aim to enhance speed and scalability, potentially increasing institutional participation. "Solana is no longer an experiment," Mena concluded. "It's a functioning digital economy showing real staying power."