Solana (soil) is an integrated open-source layer 1 network in order to synchronize global information at the speed of light. Solana optimizes for the increase in bandwidth and reduction of latency. He accomplishes this through features such as his new horoditing mechanism called proof of history (POH), a turbine of block propagation protocol and the treatment of parallel transactions. Since the launch of Mainnet in March 2020, several network upgrades have brought other performance and resilience of the network, in particular the Quic, the quality of weighted service (QOS) and the local costs.
The development and growth of the network and its ecosystem are supported by the non -profit organization Solana Foundationfor profit Solana Labsand various third -party organizations, including Anza, Colosseum, Helius and Superteam. Solana Labs raised more than $ 335 million in sales of private and public tokens. Solana offers an increasing ecosystem of projects in many sectors, including Defi, Consumer, Depoline and Payments. To stay up to date with everything related to Solana, visit the Solana portal.
Channel GDP is defined as the total turnover generated on a network. In the first quarter of 2025, the GDP of the Solana chain increased from 20% of qoq from $ 971 million to $ 1.2 billion. January was the most paid month, generating $ 699 million in income for requests on the protocol. The leaders by the income of the request to the T1’25 were as follows:
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Pump.fun: $ 257 million (increase of 10% Qoq)
Phantom: $ 164 million (25% qoq increase)
Photon: $ 122 million (decrease of 13% Qoq)
Bullx: $ 87 million (19% qoq increase)
Jupiter: $ 80 million (79% qoq increase)
The income of these applications is directly correlated with the increase in speculation because they facilitate the trade in assets. It was particularly obvious when Trump and Melania spear. The average daily DEX volume (USD) in January increased to $ 8.3 billion, an increase of 153.4% compared to the average of the fourth quarter.
Application revenue capture ratio (RCR app)
The income capture ratio of the applications of a network (RCR) is the income ratio generated by its applications to its actual economic value (REV). REV is defined as the sum of basic transaction costs, priority costs and MEV advice paid to validators. The applications reflect the efficiency with which applications capitalize on the economic activity which takes place on the network. The higher the RCR application, the more the applications effectively capture the economic activity generated on the network, suggesting a mature ecosystem with monetisable applications. Low application can point out an unexploited potential for application developers or ineffectiveness in the capture of income. Alternatively, it can point out an emerging ecosystem which is not yet ready for monetization.
If the RCR application is equivalent to 20%, this implies that for each $ 1 diet generated by the network, $ 0.20 is captured as income by applications. In the first quarter of 2025, the RCR on Solana application was 142.8%, an increase of 21% of QOQ compared to 117.6% in the fourth quarter. This can be interpreted as when $ 100 is spent in transaction costs (and / or Jito advice) to interact with Solana, applications earn $ 142.80 in income.
The application of an RCR network can be greater than 1 when its applications manage to monetize the activity, which stimulates income sources for project teams and, potentially, tokens holders. For example, Dexs invoices exchange fees or NFT markets imposing market costs higher than the transaction costs paid to Solana.
Stablecoin market capitalization increased 145.2% from qoq to $ 12.5 billion. The USDC increased by 148.4% to $ 9.7 billion, and the USDT increased by 154.2% to $ 2.3 billion. The average daily volume DEX increased by 40.8% to 4.6 billion dollars, fueled by renewed speculation even after the launch of the Trump token. The Solana Foundation will host the Accelerate conference in May in New York, with two events: Scale or Die, developers, and Ship or Die, focused on product and applications teams.
The development and growth of the network and its ecosystem are supported by the non -profit Solana Foundation, Solana Labs for profit and various third -party organizations, including Anza, Colosseum, Helius and Superteam. Solana Labs raised more than $ 335 million in sales of private and public tokens. Solana offers an increasing ecosystem of projects in many sectors, including Defi, Consumer, Depoline and Payments. To stay up to date with everything related to Solana, visit the Solana portal.
Challenge
DEFI TVL (USD) on Solana fell 64% QOQ to $ 6.6 billion. However, he ranked second among the networks after exceeding Tron in November 2024. DEFI TVL (soil) increased by 18% to 53 million soil. Kamino: took the lead in TVL, ending with $ 1.6 billion and a market share of 24% despite the drop in its decrease by 13%. On December 5, 2024, Kamino introduced Kamino Swap, a exchange platform based on intentions that offers no shift, fresh and mev. The beta version was launched for the first time with Sol and USDC as the first tokens available, but has since added a care of all the SPL tokens.
Jupiter Perps: asked second place, although its TVL decreased by 18% Qoq, ending with $ 1.4 billion and a market share of 21%. Raydium: fell in third place with its TVL decreasing 46% QOQ, ending with $ 1.1 billion and a market share of 17%.
Dex
The average daily DEX (USD) volume increased from 41% from QOQ to $ 4.6 billion in the first quarter of 2025. This growth can be attributed to the enthusiasm of the same reduction after the American presidential election of November 2024 and continuing in the launch of the Trump token, which puts it around 18. Nasdaq Daily volume.
Raydium The average daily volume increased by 5% QOQ to $ 2.0 billion with a market share of 43%. Find out more about Raydium’s recent developments in our State of Raydium Q4 2024 report. Orca has increased 45% (904 million dollars) QOQ in average daily volume, with a market share of 20%. Meteor became the DEX with the third highest quarterly volume after increasing from 3047% QOQ to 839 million dollars and a market share of 18%. It was mainly led by Trump tokens, Melania and Balance, who launched directly from Meteora.
Bite He fell to the fifth largest DEX by quarterly volume on Solana after decreasing 11% Qoq in the first quarter to 187 million dollars. On March 20, 2025, the team launched Pumpswap. Swap A replaced Raydium as the only place of negotiation of pumping tokens which are graduated before their liaison curve. During the last week of the quarter, Pump.fun and Pumpswap reached an average of 279 million dollars in average daily volume, against Raydium at $ 334 million.
The Jupiter team has acquired SonarwatchMoonshot, Ape Pro and Drip in Q1’25, aimed at becoming the Solara Defi Super App. However, Jupiter remained at the secondary trade source by the volume of T1 Spot on Solana, with 24% of the volume of Dex Spot Q1 via the protocol. Raydium took over as a main commercial source in Solana, representing 31% of the volumes ofx spot. In March, Titan unveiled its Meta Dex aggregator who said their algorithm beat competitors 80% of the time. Titan’s private version is now live.
