Solana Apps Surge 50% in July Revenue

Solana's App Revenue Surges in July

In July, all Solana applications experienced a significant increase in activity, with a 50% growth in revenue. This surge highlights the network's growing prominence within the cryptocurrency space. Solana maintained higher fees than all other Layer 1 and Layer 2 chains for ten consecutive months, showcasing its efficiency and appeal to developers and users alike.

The rise in app revenues reached $164 million for the month, with over $43 million locked in during the week of July 14 to 22. This increase is attributed to the heightened engagement in the crypto market, particularly with the popularity of Solana-based applications.

Diversifying Beyond Meme Tokens

Solana is actively working to expand its use beyond meme tokens, though launch platforms continue to be major contributors to revenue. The impact of platforms like LetsBonk.fun was evident in the total fees generated, alongside increased usage of the Phantom wallet for various on-chain activities.

The fee generation on Solana provides insight into the primary use cases of the network. Raydium emerged as the most active application based on user activity, followed by Pump.fun and Jupiter Exchange. Jito led in daily fees, reaching $1.54 million, while Jupiter DEX and Meteora recorded days with over $3 million in revenues.

Fluctuating App Performance and Stablecoin Growth

App performance on Solana can vary depending on short-term conditions. A notable boost came from the growth of stablecoins on the network, particularly with USDC supply surpassing 12 billion tokens and USDC breaking above 2 billion. This growth contributed significantly to the overall revenue.

Trading tools and meme token trading have played a key role in boosting Solana's revenues. However, the network still lags behind its peak revenue day on January 20, when fees reached $28.89 million during the launch of the Official Trump (TRUMP) token. Since then, Solana has settled into a lower baseline, driven primarily by lending protocols and decentralized exchanges (DEXs).

Despite the increase in app revenues, fewer addresses engaged with Solana compared to June. Meme token creation shifted toward whale wallets and automated processes, with trading bots becoming some of the most active fee producers on the network.

Trading Tools and DeFi Growth

Trading tools remain a major source of revenue, followed closely by meme token trading. Solana continues to require trading facilities such as routing services, bots, and MEV services to facilitate trades. Additionally, the network generates block fees for its validators.

While lending and decentralized finance (DeFi) are expanding, their share of app revenue remains smaller compared to token trading use cases. This suggests that Solana's ecosystem still heavily relies on trading activities to sustain its growth.

Whale Activity and Network Liveliness

In July, SOL whales returned to Solana, marking a departure from the celebrity token era of January. Five "Solana Lords" held more than 5 million SOL for the month, indicating renewed interest from large holders. The Solana Lords metric reached its highest level for 2025, following some whales moving away after the January surge in celebrity meme tokens.

Solana's network activity peaked around the middle of the month, with 17.93% of the supply becoming active. This increase in activity has positioned SOL as a potential valuable asset for ETFs and corporate treasuries, leading to a rush to acquire or move tokens.

Price Performance and Market Recovery

The native SOL token saw an 11.3% net increase for the month and is up 8.3% in the third quarter. In the first quarter, it gained 24.2%, maintaining its momentum. After a recent market dip, SOL recovered to $167.62, briefly regaining the $200 price range.

As Solana continues to evolve, its focus on improving infrastructure and expanding use cases will be critical in sustaining its growth and competitiveness in the broader blockchain ecosystem.