App Revenue
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Reviewing May 2025: Solana once led Layer-1 blockchains with $91 million in application revenue. Has the era of "revenue-generating Layer-1s" arrived?
In May 2025, Solana surpassed Ethereum in application revenue, reaching $91 million and ranking first among Layer-1 blockchains, primarily driven by active Meme coin trading on DEXs. This performance sparked widespread discussion about the concept of "revenue-generating Layer-1 blockchains," emphasizing the self-sustaining capability of blockchain protocols. However, an revenue model overly reliant on speculative Meme coins also presented sustainability challenges, prompting the industry to consider healthier growth paths. As of September 7, 2026, the Solana on-chain protocol revenue landscape continues to evolve.
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Reviewing May 2025: Solana once led Layer-1 blockchains with $91 million in application revenue. Has the era of "revenue-generating Layer-1s" arrived?
In May 2025, Solana surpassed Ethereum in application revenue, reaching $91 million and ranking first among Layer-1 blockchains, primarily driven by active Meme coin trading on DEXs. This performance sparked widespread discussion about the concept of "revenue-generating Layer-1 blockchains," emphasizing the self-sustaining capability of blockchain protocols. However, an revenue model overly reliant on speculative Meme coins also presented sustainability challenges, prompting the industry to consider healthier growth paths. As of September 7, 2026, the Solana on-chain protocol revenue landscape continues to evolve.
App Revenue
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