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How was Solana like in August? Let's clear up some numbers.
In August, the take care of Solana was paid about $78 million in Rev (charges + suggestions). In 2025, it was Solana's third lowest REV month.
In comparison with the earlier yr, Solana's Rev grew by round 24%.
Solana's complete provide of Stablecoin has stagnated within the vary of $13 billion to $13 billion since March.
Solana is much from dying, however these numbers actually don't scream “all cylinder development” as they did in early 2025.
Utility income talks extra optimistic. The Solana app generated $148 million in August, up 93% year-on-year.
I wish to name it a “Fats App Paper,” however within the case of Solana, it’s in all probability extra correct to name it a “Fats Memecoin App” paper. A lot of the disassembled and worthwhile purposes belong to the classes of buying and selling instruments and memo cash: axioms, pumps, phantoms, letbonks, photons, and extra.
Over the previous few months, Solana has sought to ascertain herself as a go-to venue for buying and selling crypto property encapsulated by the “Web Capital Market” meme.
The info seems to verify the story. The chart under exhibits that the general spot Dex volumes of the main L1 chains are categorized.
The BNB chain has taken the highest spot with a $214 billion quantity, however these numbers are bulging by ongoing “alpha” incentives marketing campaign It's a rewarding wash buying and selling. If adjusted to exclude alpha tokens, the August quantity of the BNB chain is estimated $138 billion.
This brings Solana to $153 billion and Ethereum to $143 billion.
Zooming into the quantity of the Solana Dex, NONAME AMMS (prop AMM) carved out a good portion of its market share of roughly $47 billion in August. These amms use one single market maker to offer liquidity and route customers by connecting to Dex aggregators on the backend (learn extra) right here).
Now let's check out the Perps quantity. The 2 primary Perps exchanges for Solana are Jupiter Perps and Drift, which have a quantity market share of 4.9% and three.3%, respectively. Naturally, they’re being dug up by excessive lipids (71.6% market share), a mean every day quantity of round $10.4 billion over the previous 90 days.
The slower development of Solana could possibly be attributed to Hyperliquid's benefit over the previous 4 quarters, Ryan Connor of Blockworks Analysis instructed me.
“To Solana's success, doing drifting (or comparable) duties is vital.”
Nonetheless, drift will not be sleeping on the wheels. Perps Dex did a few of its greatest lifetime quantity in August because of distinctive options such because the cross-margin function.
Lastly, you can’t converse to Solana with out talking about memokine.
After a brief two to a few weeks, when the pump seems to have misplaced its primary place, the platform has regained its management over opponents like Letsbonk and Heaven. As of final week, the 148K token was launched on the launchpad of the pump. Which means roughly 89% of the overall tokens have been launched.
Solana's largest tailwind within the close to future could don’t have anything to do with on-chain merchandise.
I noticed it final week Report Of three new Sol Treasury firms in the marketplace for a complete of round $2.65 billion.
On the horizon, there’s a chance of October approval for current Solana ETF purposes.
The brand new ETF “is extra tax environment friendly than Rex-Sosprey, has a greater distribution of constancy, bitwise, and so on.), and should embody redrawing and staking help with current creations.” Report
