Solana leads blockchains in volume and revenue

Solana led public blockchains in both on-chain transaction volume and application revenue in the 30 days through Oct. 24, while its applications retained about $158 million in revenue compared with roughly $3.3 million collected by the base network, according to DefiLlama data compiled alongside figures from Solscan, RWA.xyz, Artemis and Blockworks. The split places Solana's recent growth primarily in consumer-facing trading, wallet and token-launch products rather than in protocol fees.

Solana applications generated 2.1 times the revenue recorded by Hyperliquid, 2.9 times Ethereum's application layer, 6.1 times BNB Chain's and 7.5 times Robinhood Chain's over the period, based on DefiLlama's rankings. The network processed an average of 167 million non-vote transactions daily, or about 1,930 transactions per second, according to Solscan.

The figures show a chain built around high-frequency use cases where users pay modest costs repeatedly. Users spent about $14.4 million a day in combined network and application fees during the 30-day window, while network fees accounted for only about 6% of the total, DefiLlama data shows. Solana's fixed base-fee model has kept the cost of sending transactions low even as activity has climbed.

On Oct. 24 alone, Solana processed about 145 million non-vote transactions and carried roughly $15.8 billion in stablecoins, according to Solscan and DefiLlama. Its decentralized exchanges handled an average $2.2 billion in daily volume over the preceding month.

Token trading remains the largest revenue source

Pump, the token-launch ecosystem that includes pump.fun and PumpSwap, generated about $62 million in combined revenue during the 30 days through Oct. 24, according to DefiLlama. That was close to 40% of all application revenue on Solana and placed Pump third among revenue-generating blockchain applications globally, behind Tether and Circle.

Four of Solana's five largest revenue-producing applications during the period — Pump, Collector Crypt, Axiom, StonkFun and fomo — were tied to token trading activity. That concentration gives Solana substantial transaction throughput and fee generation, but also leaves a large portion of its application economy exposed to volatile trading demand.

Trading data illustrates the mix. SOL-stablecoin pairs made up about 40% of Solana decentralized-exchange volume during the quarter, while meme coins represented around 30%, according to the figures provided. Stablecoin swaps, external tokens, project tokens and tokenized assets made up the remainder.

Jupiter routed about 47% of Solana aggregator volume during the 30-day period and accounted for $13.1 billion, or about 19%, of cross-chain aggregator volume, according to DefiLlama. Raydium processed approximately $6.5 billion in volume and retained $3.7 million in revenue after most fees went to liquidity providers and token launch venues. Raydium used about $2.24 million, or 60% of retained revenue, to buy back RAY, DefiLlama reported.

Phantom, Solana's leading wallet application, generated about $7.1 million in revenue over the same period, compared with $3.6 million for MetaMask, according to DefiLlama. The comparison reflects Solana's unusually integrated consumer stack, where wallet, trading aggregator, launchpad and automated market maker all capture revenue from the same active user base.

Tokenized stocks and RWAs add a second growth engine

Solana's expansion beyond crypto-native trading has been most visible in tokenized stocks and other real-world assets. The number of tokenized-stock holders on the network reached 1.57 million in October, up 56.5% from a month earlier, according to Blockworks. That placed Solana second behind BNB Chain by holder count.

The value of real-world assets on Solana reached a record $4.6 billion in late September before standing at $4.38 billion on Oct. 20, according to RWA.xyz. Stablecoin supply also peaked at $17.4 billion in late September, nearly five times its level around two years earlier.

Tokenized-asset trading volume reached a seventh consecutive quarterly record of $8.1 billion in the third quarter of 2026, Blockworks reported. September alone accounted for $4.9 billion, about three times August's volume and the highest monthly total on record.

A tokenized version of Grindr stock, trading under GRND, began trading on Solana on Sept. 10 and generated $31 million in volume in less than 24 hours, according to the supplied Blockworks data. Grindr's New York Stock Exchange volume the previous day was about $16.6 million, against average daily volume of roughly $25 million. The comparison demonstrates how tokenized-equity venues can concentrate short-term activity around a newly accessible asset, although on-chain volume does not necessarily represent the same type of market participation as exchange trading.

Solana's early dominance in tokenized equities has narrowed as rival chains entered the market. Its share of tokenized-equity decentralized-exchange trading fell from 99.8% in January to 31% by mid-October, according to DWF Labs' analysis of Blockworks data. Robinhood Chain held 26%, BNB Chain held 25%, and Base held 18%.

StonkFun, a Solana platform that allows tokens to be priced against assets including tokenized equities and ETFs, recorded $16.7 million in revenue in the 30 days through Oct. 19, according to DefiLlama. The platform exceeded Pump's launchpad revenue and Robinhood Chain's Pons on nine days in September, though Pump remained ahead for the full month.

Faster infrastructure targets settlement and machine payments

Recent protocol changes have been designed for applications that need rapid settlement. Solana activated 200-millisecond blocks on mainnet on Oct. 9, after block times had previously been reduced from 0.4 seconds to 0.25 seconds. In September, the network increased transaction data capacity to 3.3 times prior levels, while Jump's Firedancer validator client arrived in May.

The Alpenglow consensus upgrade went live on Oct. 21 and reduced Solana's target finality time from around 12.8 seconds to about 150 milliseconds, according to the supplied network data. Finality refers to the point at which a transaction is considered irreversible. Faster finality would support delivery-versus-payment settlement, professional trading workflows and automated services that cannot wait several seconds to confirm a transfer.

Solana also processed 76% of x402 transactions during a four-week period ending in late September, according to Solana's reporting. The x402 standard repurposes the HTTP 402 payment code to let software pay automatically for online services, such as data or application-programming-interface access. The pay.sh project, developed with Google Cloud, supports x402 and Machine Payments Protocol standards and allows charges as low as $0.001 per API call.

The Linux Foundation's x402 working group lists Visa, Stripe, Mastercard, Coinbase, Google and the Solana Foundation as premier members. That membership does not guarantee production usage, though it gives the payment standard support from companies that already operate large consumer and merchant networks.

Institutional settlement products are beginning to arrive

In October, Solana DvP launched as a delivery-versus-payment framework intended to standardize settlement without requiring custom contracts for every trade. JPMorgan participated in the initiative and provided input, according to the supplied material.

Consumer-payment distribution has also expanded. Visa has used Solana for USDC settlement with U.S. banks, while Samsung Wallet added USDC transfers on Solana for up to 82 million Galaxy devices in the United States. Solana Pay ran a pilot covering more than 330,000 merchants in South Korea, and Allfunds planned to make funds issued on Solana available to more than 3,300 institutions beginning in the fourth quarter of 2026.

Solana remains far smaller than Ethereum in locked DeFi capital. DefiLlama placed Ethereum's DeFi total value locked at $49.2 billion on Oct. 24, compared with $5.8 billion for Solana. Yet Solana's recent revenue and transaction data show that its position is being shaped less by stored capital than by the frequency with which users trade, issue tokens, move stablecoins and access on-chain applications.