At a Glance
- Pump.fun and six other Solana launchpads doubled annual revenue to $762 million in 2025
- 11.6 million tokens were minted on launchpads, yet only 0.89% moved past bonding-curve launches
- Total Solana app revenue hit an all-time high of $2.39 billion, up 46% year-over-year
- Why it matters: The figures show Solana cementing its role as the go-to chain for speculative crypto activity despite a 10% dip in meme coin trading volume
Solana’s meme coin sector shrugged off a yearly decline in trading volume and still delivered record revenue for launchpads and applications throughout 2025.
Leading the charge, Pump.fun stood out as one of the network’s top earners, generating more than $100 million and anchoring a launchpad segment that doubled revenue to $762 million, according to fresh data released by the blockchain.
Pump.fun and Launchpad Boom
Pump.fun secured its place among seven Solana applications that surpassed the $100 million revenue mark this year. Five additional launchpads each cleared $1 billion in volume, pushing the category’s combined revenue to double the previous year’s total.
Token creation exploded across these platforms:
- 11.6 million new tokens launched, up from roughly 5 million in 2024
- Only 0.89% of those tokens progressed beyond bonding-curve launches
- Launchpads remain the primary gateway for speculative issuances on Solana
Meme coin trading volume across the network slipped 10% year-over-year to $482 billion, yet activity remains about 80 times higher than two years ago, underscoring how entrenched the speculative culture has become.
Solana App Revenue Reaches Record $2.39 Billion
Beyond launchpads, the broader Solana app economy set a new annual revenue record of $2.39 billion, rising 46% compared with 2024.
Other high-earning applications included:
- Axiom Exchange
- Meteora
- Raydium
- Jupiter
- Photon
- Bullx
Each of these platforms brought in more than $100 million. Applications earning below that threshold still combined for over $500 million in revenue, illustrating a wide distribution of economic activity across the network.
Protocol Metrics and Network Growth
Solana’s protocol-level economics strengthened alongside application revenue. Network REV reached $1.4 billion, marking a 48-fold increase in two years, while average transaction fees continued a downward trend. Median fees dropped to just $0.0011.
Key usage statistics for 2025 include:
| Metric | Figure | Change |
|---|---|---|
| Non-vote transactions | 33 billion | – |
| Average TPS (non-vote) | 1,054 | – |
| Daily active wallets | 3.2 million | +50% YoY |
| Stablecoin supply | $14.8 billion | 2× increase |
| Stablecoin transfer volume | $11.7 trillion | – |
Tokenized equities debuted on-chain with $1 billion in supply, and decentralized exchange volume hit $1.5 trillion, led by Raydium, Orca, and Meteora. DEX aggregators such as Jupiter captured a growing share of that trading flow.
Institutional Interest and Staked SOL
Institutional products expanded throughout the year. Staked SOL rose to record levels, while Solana exchange-traded funds pulled in $1.02 billion of net inflows amid heightened institutional demand.
The figures position Solana as one of the few blockchains to post across-the-board growth in both retail speculation and institutional adoption during 2025.
Key Takeaways
- Launchpads remain a dominant revenue engine, doubling income even as meme coin trading cooled slightly
- Only a tiny fraction of newly minted tokens advance past initial launches, highlighting the high-risk nature of the market
- Declining transaction costs have not dented protocol revenue, which surged 4,800% in two years
- Institutional products absorbed over $1 billion in fresh capital, signaling continued confidence from traditional finance players
- With 33 billion transactions processed and daily active wallets up 50%, Solana’s user base continues to expand rapidly
The data paints a picture of a blockchain that has successfully monetized speculative activity while lowering usage costs and attracting institutional capital, a combination few networks have achieved at comparable scale.
