Solana revenues surpass Ethereum in early 2025

Solana-based applications now far surpass Ethereum by generating revenues ten times higher, according to cryptography researcher Aylo. This performance comes despite a bearish market context and a slowdown in transactions.

Solana generates 10 times more revenue than Ethereum

On February 9, Solana generated impressive revenues of $8.4 million, far eclipsing Ethereum’s $875,571 for the same period, according to data from DefiLlama. The crypto researcher Aylo highlighted on platform X that applications Solana surpass up to ten times their counterparts on Ethereum.

This performance remains impressive even when considering Ethereum’s leading L2 chains, such as Arbitrum and Base, which manage $14 billion and $11.5 billion in total locked value (TVL), respectively.

“You can plug in any L2 you want and add it on top, and that makes no difference for now“, declared Aylo.

Notably, this revenue dominance occurs while Solana’s TVL remains significantly lower than Ethereum’s ($9.5 billion versus $56.8 billion). This disparity underscores the increasing efficiency of the Solana ecosystem in generating revenue, despite a more modest market capitalization.

The memecoin effect as a growth catalyst

The spectacular rise in Solana’s revenue originates from the explosion of the memecoin market in early 2024. According to a report by Messari, the cumulative revenue of Solana applications jumped by 213% in the fourth quarter of 2024, mainly driven by this phenomenon.

The platform Pump.fun, specialized in launching memecoins, perfectly illustrates this trend with quarterly revenues of $235 million, marking an increase of 242%.

This momentum has also propelled the valuation of the SOL token, which is progressing twice as fast as ETH since the beginning of the year. For Aylo, this performance is not surprising: “Solana has managed to capture one of the most important use cases of crypto, namely speculation, which, like online gambling, will never cease.“

The researcher emphasizes that despite these impressive results, Solana maintains a reasonable valuation compared to other level 1 and 2 blockchains, suggesting still significant growth potential for the ecosystem. This perspective is reinforced by forecasts from VanEck, which anticipates a SOL price increase to $520 by the end of 2025.