Solana's leading advantage continues to expand. In the past 12 months, Solana DApps generated $2.9 billion in revenue, far exceeding the total of $1.8 billion from all other chains combined. In April, Pump.fun and Axiom dominated the revenue landscape of Solana DApps. Pump.fun's revenue was $54 million, followed closely by Axiom at $52 million.
The revenue from Solana DApps is 2.5 times that of the network itself. In the past two months, for every $1 earned by the network, Solana DApps generated about $2.5 in revenue—this is the ATH ratio. Solana's low fee structure allows most of the value of DApps to be retained.
Solana's DApp revenue has been higher than the total of all other chains for seven consecutive months. In April, Solana captured 57% of the revenue market share, further proving it to be the ideal ecosystem for builders.
Solana's leading advantage continues to expand. In the past 12 months, Solana DApps generated $2.9 billion in revenue, far exceeding the total of $1.8 billion from all other chains combined.
After a brief decline in March, Solana's DApp revenue stabilized above $200 million. Pump.fun has maintained its lead for 11 consecutive months, which is impressive.
In April, Pump.fun and Axiom dominated the revenue landscape of Solana DApps. Pump.fun's revenue was $54 million, followed closely by Axiom at $52 million.
Axiom has quickly become a revenue powerhouse. In the first three months, its revenue skyrocketed—from $7 million to $19 million, and now to $52 million. With comprehensive trading features, it has rapidly gained strong confidence from traders.
Jupiter has become Solana's super application. In April, the platform's revenue stabilized around $22 million. On April 14, it launched Jupiter Pro—a premium trading interface with advanced analytical features, laying the groundwork for further development of the protocol.
Ultra Swaps accounts for about one-fifth of Jupiter's revenue. On April 28, the platform launched Ultra Swaps V2, adding gasless trading, MEV protection, and JupShield security. Jupiter Pro is expected to further drive the adoption of Ultra Swaps.
PumpSwap has become the highest-grossing spot DEX on Solana. The Memecoin AMM launched in March and generated $5.6 million in revenue in its second month, already capturing 42% of Solana DEX's total revenue.
Adrena's ATH fees reached $1.2 million. The "S2 - Factions" trading competition sponsored by Jito and Bonk launched on April 26, sparking fierce competition among traders. On the platform, 20% of the fees go to $ADX stakers, and an additional 10% is used for $ADX buybacks.
Kamino is Solana's largest lending protocol, with revenue of about $2.5 million in April.
On the Solana platform, Phantom captured 88% of wallet revenue. In April, Phantom's 0.85% wallet swap fee generated $17 million in revenue. The wallet recently also launched "gasless swaps," deducting a 1.5% fee directly from the swapped tokens.
Through deBridge, Phantom users can now transfer assets across chains without leaving the wallet. In April alone, deBridge earned about $160,000 on Solana. The integration with Phantom (Solana's largest wallet) is a strategic step towards achieving sustained revenue growth.
Metaplex has greatly benefited from the ongoing "Solana Launchpad War." Memecoin launchpads like Pump.fun and Raydium's LaunchLab use the Metaplex standard to mint tokens. With the rebound in the minting of fungible tokens, the protocol generated $1.6 million in revenue in April.
Magic Eden's revenue remains stable as its development extends beyond NFTs. Last year, the platform's Solana revenue averaged about $500,000. Magic Eden recently acquired Slingshot to facilitate cross-chain trading of fungible tokens, marking a key step towards new growth.
Solana's DePIN sector showed strong momentum in April. Helium, Render, Hivemapper, UpRock, and XNET are the only major protocols in Solana's DePIN that can verify on-chain revenue through token burning. The Solana-based DePIN protocols generated $458,000 in revenue, with a month-over-month growth of 30% and a year-over-year growth of 150%. Helium has become the leader, significantly boosting revenue in this field by 2025.
Helium achieved a record revenue milestone. The platform's ATH revenue in April reached $258,000, with over 98% coming from mobile business. This surge reflects growing demand, as its active mobile users recently surpassed 200,000 for the first time.
Source: https://blog.syndica.io/deep-dive-solana-dapps-revenue-april-2025/
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