Overview

• Trading platforms and tools contributed about $1.12 billion, or roughly 39% of the total, with apps such as Photon and Axiom cited.
• Monthly revenue settled into a $150–$250 million range after a January memecoin spike that peaked near $616 million.
• 21Shares attributes fee income to a broad mix across decentralized exchanges, DeFi lending, wallets, DePIN projects and AI-driven applications.
• The report compares Solana’s revenue scale to Palantir and Robinhood and says it outpaced Ethereum’s revenue at a similar stage.
• Coverage points to nearly $4 billion of SOL on public-company balance sheets, with limited independent verification, and flags Firedancer, Alpenglow and pending ETF filings as potential institutional catalysts.