Markets
What to know, dear reader:
- Pray, consider this: 21Shares’ Matt Mena declares Solana’s network has amassed a staggering £2.85 billion in the past year, drawn from the bustling spheres of DeFi, trading tools, and novel on-chain ventures. 🧐💸
- Mena, with a wink, dubs Solana’s revenue “remarkably strong,” despite the memecoin frenzy having cooled its heels like a forgotten ball gown. 🕺❄️
- The strategist avers Solana’s growth now rivals the grandeurs of Web2, proving the blockchain’s economy has matured beyond mere speculation-a most commendable feat! 🌟📈
Solana’s network, it appears, possesses a resilience most unexpected, according to the latest musings of Matt Mena, a crypto research strategist at 21Shares. One might say it is the Elizabeth Bennet of blockchains-unfazed by the whims of society. 🌪️💪
In a blog post penned this past Monday, Mena reveals Solana generated a tidy £2.85 billion in annual revenue from October 2024 through September 2025, firmly establishing itself as one of crypto’s most flourishing economies. He describes this sum as “remarkably strong,” even as the speculative memecoin craze-once the darling of the season-has retreated like a shy wallflower. 🌸🤑
Mena attributes Solana’s vigor to its diverse engagements. Decentralized exchanges, trading tools, lending apps, wallets, and the emerging likes of DePIN and AI-driven applications all contribute handsomely to network fees and usage. A veritable cotillion of activity, if you will. 🎩🕺
While trading tools such as Photon and Axiom lead the charge-amassing £1.12 billion, or 39% of total revenue-Mena stresses that Solana’s worth now stems from its variety rather than a single fad. A wise counsel, indeed! 🧩✨
Even after the peak months of late 2024, Mena notes that Solana’s monthly revenues have settled between £150 million and £250 million, suggesting a sustained appetite for blockspace beyond fleeting speculative whims. Stability, it seems, is the new black. 🎢⚖️
He dares to compare Solana’s total revenue to the likes of Palantir’s £2.8 billion and Robinhood’s £2.95 billion in 2024, declaring Solana is “approaching the scale of major Web2 platforms.” A bold claim, but one that carries weight. 🏛️⚔️
Mena also contrasts Solana’s position with Ethereum’s earlier days. Four to five years after launch-Solana’s current stage-Ethereum scarcely averaged £10 million per month in revenue. How swiftly Solana has monetized its onchain usage! One might say it has skipped the awkward adolescence entirely. 🚀👑
According to Mena, Solana’s evolution marks a shift from resilience to readiness. He points to forthcoming technical upgrades such as Firedancer and Alpenglow, which promise to enhance speed and scalability, potentially courting greater institutional favor. A blockchain prepared for the grand ball, if ever there was one. 💃🎉
“Solana is no longer an experiment,” Mena writes with a flourish. “It’s a functioning digital economy showing real staying power.” And who could argue with such a declaration? 🏰💎
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2025-10-07 13:45