Solana App Revenue Plunges 44% in Q2 Despite Efficiency Gains

In the second quarter of 2025, Solana’s ecosystem experienced mixed performance across key metrics. Total application revenue dropped 44.2% to $576.4 million, while the app revenue capture ratio increased from 126.5% to 211.6%.

Application Revenue Plunge

According to the latest Messari report, the total application revenue generated on Solana plunged 44.2% quarter-over-quarter (QoQ), from $1.0 billion to $576.4 million. Pump.fun accounted for more than 25% of this, with $156.9 million, a decrease of approximately 40% from the preceding quarter. There were also notable revenue drops for Jupiter, which fell 15.6% to $66.4 million, Phantom 65.4% to $53.5 million and Photon 72.4% to $32.5 million.

On the other hand, Axiom, a Y Combinator-backed trading platform, saw its application revenue generated or Chain GDP rise by an astronomical 641.3% to $126.6 million. Axiom’s revenue surge is attributed to its growing popularity among memecoin traders due to its reward system.

“Depending on the volume that a user trades, they are rewarded with SOL for each trade, as well as being rewarded for the volume that their referral trades,” stated the Messari report.

Despite seeing a significant drop in the Chain GDP, Solana’s application revenue capture ratio (ARCR) grew from 126.5% to 211.6% during the quarter. According to the report, this means that “when $100 is spent in transaction fees (and/or Jito tips) to interact with Solana, applications earn $211.60 in revenue.”

During the period, the decentralized finance (DeFi) total value locked (TVL) on Solana went up by 30.4% in the quarter to $8.6 billion. This performance allowed Solana to maintain its number two spot among networks in DeFi TVL after surpassing TRON in November 2024. As noted in the report, Kamino retained its lead in TVL, ending the quarter with $2.1 billion and a market share of 25.3%, with its TVL growing 33.9%. Raydium reclaimed the second spot after its TVL grew by 53.5% to $1.8 billion, while Jupiter was in the third spot with TVL of $1.6 billion, which translated to a market share of 19.4%.

Meanwhile, the stablecoin market cap on Solana fell 17.4% QoQ to $10.3 billion, ranking it third among networks. USDC closed the period with a market cap of $7.2 billion, while USDT was the second-largest stablecoin on the network with $2.3 billion. First Digital’s FDUSD claimed the third spot after its market cap grew by 192% to $303.6 million.

Real-world Asset (RWA) value on Solana grew 23.9% to $390.6 million, with Ondo Finance’s USDY and OUSG the two largest assets with $175.2 million and $79.6 million, respectively. On the other hand, average daily non-fungible tokens (NFT) trading volume fell 46.4% to $979,500 in Q2 2025.