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How was Solana doing in August? Let’s unpack some numbers.
About $78 million REV (charges + suggestions) was paid to transact on Solana in August. In 2025, that was Solana’s third-lowest REV month.
On a year-over-year foundation, Solana’s REV noticed about 24% progress.
Whole stablecoin provide on Solana has stagnated on the $10–$13 billion vary since March.
Solana is way from useless, however these numbers actually don’t scream “progress on all cylinders” as they did in early 2025.
Software revenues inform a extra optimistic story. Solana apps generated $148 million in August, a 93% enhance on a YoY foundation.
I wish to say the “fats app thesis,” however in Solana’s case, it’s most likely extra correct to name it the “fats memecoin app” thesis. Damaged down, the majority of revenue-generating functions belong to the buying and selling instruments and memecoin classes, particularly Axiom, Pump, Phantom, LetsBonk, Photon, and so forth.
In current months, Solana has tried to place itself because the go-to venue for buying and selling crypto property, encapsulated by the “Web Capital Markets” meme.
The information appears to affirm that narrative. The under chart exhibits general spot DEX volumes damaged down for main L1 chains.
BNB Chain claims the highest spot with $214 billion in volumes, however these numbers are inflated by the continuing “Alpha” incentive marketing campaign that’s rewarding wash buying and selling. When adjusted to exclude Alpha tokens, BNB Chain’s August volumes fall to an estimated $138 billion.
That places Solana in first place at $153 billion, with Ethereum in second at $143 billion.
Zooming into Solana DEX volumes, no-name AMMs (prop AMMs) are carving out a big chunk of market share, about $47 billion in August. These AMMs use one single market-maker for liquidity provision, and route customers by plugging into DEX aggregators on the backend (learn extra right here).
Now let’s have a look at perps volumes. The 2 dominant perps exchanges on Solana are Jupiter Perps and Drift, with 4.9% and three.3% quantity market shares, respectively. Unsurprisingly, they’re eclipsed by Hyperliquid (71.6% market share) ,which is averaging about $10.4 billion in every day volumes during the last 90 days.
Solana’s slowing progress might be attributed to Hyperliquid’s dominance over the previous 4 quarters, Blockworks Analysis’s Ryan Connor advised me.
“Making Drift (or one thing related) work is essential to Solana’s success.”
Drift isn’t asleep on the wheel, although. The perps DEX did a few of its finest lifetime volumes in August, because of distinctive options like cross-margin capabilities.
Lastly, you’ll be able to’t speak Solana with out speaking memecoins.
After a quick two to a few weeks throughout which Pump appeared to lose its main place, the platform has decisively regained its dominance over opponents like LetsBonk and Heaven. As of the final week, 148K tokens have been launched on Pump’s launchpad — about 89% of complete tokens launched.
Solana’s largest tailwinds within the close to future might don’t have anything to do with onchain merchandise.
Final week noticed experiences of three new SOL treasury firms coming to market with about $2.65 billion in complete raised.
On the horizon can also be a possible October approval of present Solana ETF functions.
The brand new ETFs “will likely be extra tax-efficient, have higher distribution (from Constancy, Bitwise, and so forth.) than REX-Osprey, and [will] probably embody in-kind creations and redemptions, in addition to help for staking,” wrote Carlos Gonzalez Campo in a Blockworks Analysis report
