Solana generated $223 million in the third quarter of 2025, the highest among networks tracked by ARK Invest.
The firm’s latest decentralized finance report details how Solana has maintained strong revenue performance despite a broader slowdown in the market.
Such results show consistent performance as the market transitions toward usage-driven growth.
Solana surpasses other networks
ARK’s Q3 DeFi report shows Solana recorded more on-chain revenue than any other blockchain. Its $223 million in real economic value exceeded Tron’s $160 million. Ethereum, while remaining the largest ecosystem by overall size, earned less revenue during the quarter due to lower transaction fees and reduced trading activity.
The network’s high throughput and low transaction costs continue to attract users and developers. Decentralized exchanges, NFT platforms, and staking protocols contributed a significant portion of Solana’s revenue.
Market-wide revenue decline
Despite Solana’s strong performance, total blockchain revenue fell sharply. Overall real economic value across tracked networks dropped to $655 million in Q3, down 83% from the $4.9 billion peak in late 2021. ARK attributed this decline to lower “uninformed flow”, transaction activity that previously generated large network earnings and reduced transaction fees across chains as networks compete for users.
Lower costs have made DeFi participation more accessible, but also compressed margins. ARK framed this as part of a market adjustment as blockchain activity shifts from speculative trading toward usage-based transactions.
On-chain activity
Current data shows Solana produced about $1.1 million in revenue in the past 24 hours, while total value locked is above $11 billion. Fees mostly came from trading and risk management protocols such as Gauntlet and Jupiter, indicating steady user engagement.
Solana’s high throughput allows projects to operate efficiently, supporting applications that require fast and low-cost transactions. Stablecoins, NFT platforms, and decentralized exchanges continue to drive activity on the network.
ARK Invest’s Solana involvement
ARK Invest has increased its exposure to Solana through various investments. In September, the firm purchased $162 million in Solmate (BREA) shares during a $300 million funding round, acquiring roughly 6.5 million shares. Earlier, it moved validator operations for its Digital Asset Revolutions Fund to SOL Strategies, a Toronto-based firm focused on Solana infrastructure.
In April, ARK made a direct allocation to Solana through the SOLQ ETF, a Canadian staking fund. This marked the first time ARKW and ARKF, U.S.-listed ETFs, included Solana in their portfolios, reflecting a broader strategy to diversify beyond Bitcoin and Ethereum.
Market context
The data suggests that networks with scalable infrastructure and active ecosystems are better positioned to maintain revenue even during periods of lower overall market activity.
Q3’s numbers demonstrate that strong network activity can continue even amid broader revenue declines. As blockchain adoption progresses, networks like Solana are capturing meaningful value through sustained on-chain activity.
Oleksii Shumak
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