Solana (SOL) is an integrated, open-source Layer-1 network with the goal of synchronizing global information at the speed of light. Solana optimizes for increasing bandwidth and reducing latency. It accomplishes this through features such as its novel timestamp mechanism called Proof-of-History (PoH), a block propagation protocol Turbine, and parallel transaction processing. Since mainnet launch in March 2020, several network upgrades have brought further network performance and resilience, including QUIC, stake-weighted Quality of Service (QoS), and local fee markets.
Development and growth of the network and its ecosystem are supported by the non-profit Solana Foundation, for-profit Solana Labs, and various third-party organizations, including Anza, Colosseum, Helius, and Superteam. Solana Labs has raised over $335 million in private and public token sales. Solana features a growing ecosystem of projects across many sectors, including DeFi, consumer, DePIN, and payments. To stay up-to-date with all things Solana, visit the Solana Portal.
Chain GDP is defined as the total application revenue generated on a network. In Q1 2025, Solana’s Chain GDP grew 20% QoQ from $971 million to $1.2 billion. January was the highest-earning month, bringing in $699 million in revenue to applications on the protocol. The leaders by application revenue in Q1’25 were as follows:
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Pump.fun: $257 million (10% QoQ increase)
Phantom: $164 million (25% QoQ increase)
Photon: $122 million (13% QoQ decrease)
BullX: $87 million (19% QoQ increase)
Jupiter: $80 million (79% QoQ increase)
These applications’ revenue is directly correlated to increases in speculation as they facilitate the trading of assets. This was especially apparent when TRUMP and MELANIA launched. Average daily DEX volume (USD) in January grew to $8.3 billion, a 153.4% increase from the average in Q4’24.
App Revenue Capture Ratio (App RCR)
A network’s App Revenue Capture Ratio (RCR) is the ratio of revenue generated by its apps to its Real Economic Value (REV). REV is defined as the sum of base transaction fees, priority fees, and MEV tips paid to validators. App RCR reflects the efficiency with which applications capitalize on the economic activity taking place on the network. The higher the app RCR, the more effectively apps capture the economic activity being generated on the network, suggesting a mature ecosystem with monetizable applications. A low App RCR may signal untapped potential for app developers or inefficiencies in revenue capture. Alternatively, it may signal a nascent ecosystem not yet ready for monetization.
If App RCR equals 20%, this implies that for every $1 of REV generated by the network, $0.20 is captured as revenue by apps. In Q1 2025, App RCR on Solana was 142.8%, a 21% QoQ increase from 117.6% in Q4’24. This can be interpreted as when $100 is spent in transaction fees (and/or Jito tips) to interact with Solana, applications earn $142.80 in revenue.
A network’s App RCR can be greater than 1 when its applications are successful in monetizing activity, driving revenue streams for project teams and potentially, tokenholders. For example, DEXs charging swap fees or NFT marketplaces imposing marketplace fees in excess of transaction fees paid to Solana.
Stablecoin market cap expanded 145.2% QoQ to $12.5 billion. USDC grew 148.4% to $9.7 billion, and USDT grew 154.2% to $2.3 billion. Average Daily DEX volume grew by 40.8% QoQ to $4.6 billion, fueled by renewed memecoin speculation after the TRUMP token launch. Solana Foundation will host the Accelerate conference in May in New York City, featuring two events: Scale or Die, focused on developers, and Ship or Die, focused on product and application teams.
Development and growth of the network and its ecosystem are supported by the non-profit Solana Foundation, for-profit Solana Labs, and various third-party organizations, including Anza, Colosseum, Helius, and Superteam. Solana Labs has raised over $335 million in private and public token sales. Solana features a growing ecosystem of projects across many sectors, including DeFi, consumer, DePIN, and payments. To stay up-to-date with all things Solana, visit the Solana Portal.
DeFi
DeFi TVL (USD) on Solana fell 64% QoQ to $6.6 billion. Still, it ranked second among networks after surpassing TRON in November 2024. DeFi TVL (SOL) grew by 18% QoQ to 53 million SOL. Kamino: Took the lead in TVL, ending with $1.6 billion and a market share of 24% despite its TVL falling 13% QoQ. On Dec. 5, 2024, Kamino introduced Kamino Swap, an intents-based exchange platform that offers zero slippage, fees, and MEV. The beta version first launched with SOL and USDC as the first available tokens, but has since added support for all SPL tokens.
Jupiter Perps: Claimed the second spot, though its TVL decreased 18% QoQ, ending with $1.4 billion and a 21% market share. Raydium: Fell to the third spot with its TVL decreasing 46% QoQ, ending with $1.1 billion and a 17% market share.
DEXs
Average daily spot DEX volume (USD) grew 41% QoQ to $4.6 billion in Q1 2025. This growth can be attributed to the memecoin craze being reignited following the November 2024 U.S. presidential election and continuing into the launch of the TRUMP token in January 2025. On Jan. 18, Solana DEXs did $36 billion in volume, which puts it at about 10% of Nasdaq’s daily volume.
Raydium’s average daily volume increased by 5% QoQ to $2.0 billion with a 43% market share. Read more about Raydium’s recent developments in our State of Raydium Q4 2024 report. Orca saw a 45% increase ($904 million) QoQ in average daily volume, with a market share of 20%. Meteora became the DEX with the third-highest quarterly volume after increasing 3047% QoQ to $839 million and a 18% market share. This was mainly led by the TRUMP, MELANIA, and LIBRA tokens, which launched directly on Meteora.
PumpFun dropped to the fifth-largest DEX by quarterly volume on Solana after decreasing by 11% QoQ in Q1 to $187 million. On March 20, 2025, the team launched PumpSwap. PumpSwap replaced Raydium as the sole trading venue of PumpFun tokens that graduate past their bonding curve. In the last week of the quarter, Pump.fun and Pumpswap averaged $279 million in average daily volume, compared to Raydium at $334 million.
The Jupiter team acquired SonarWatch, Moonshot, Ape Pro, and Drip in Q1’25, aiming to become the Solana DeFi super app. However, Jupiter fell to being the secondary trade source by Q1 spot DEX volume on Solana, with 24% of Q1 spot DEX volume being initiated via the protocol. Raydium took over as the primary trade source on Solana, accounting for 31% of Q1 spot DEX volumes. In March, Titan unveiled its Meta DEX Aggregator which claimed their algorithm beats competitors 80% of the time. Titan’s private beta is now live.