Solana's cumulative app revenue crossed $4 billion this month, climbing from $2.87 billion a year ago — a $1.17 billion jump in 12 months. The network also flipped Ethereum in month-to-date decentralized exchange volume, recording $36.87 billion against Ethereum's $31.59 billion, a lead of $5.27 billion. The numbers underscore Solana's growing grip on usage, volume, and DeFi activity, even as its market valuation trails Ethereum's.
App revenue climbs $1.17B in 12 months
The $4 billion milestone reflects a steady build. Revenue from apps on Solana — spanning DeFi, gaming, and trading services — has nearly doubled since May 2025. Developers and teams building on the chain keep finding ways to monetize, from liquid staking protocols to NFT marketplaces. The increase isn't a one-month spike; it's the result of sustained demand across a widening set of use cases.
DEX volume milestone
Solana's DEX volume lead over Ethereum this month is the latest sign of a shift in where traders are executing swaps. At $36.87 billion versus $31.59 billion, Solana is processing roughly 17% more volume. That gap has been growing in recent weeks, driven by lower fees and faster settlement times. Ethereum still dominates in total value locked and in institutional perception, but on raw throughput, Solana keeps pulling ahead.
DeFi lending share doubles
Solana now holds 10% of the total on-chain active loans market, double the share it had a year ago. Outstanding loans on the network sit at over $2.1 billion, making it the second-largest lending ecosystem behind Ethereum. The growth isn't just from existing DeFi users rotating over — new lending protocols have launched on Solana this year, and some have introduced cross-chain collateral features that attract borrowers from other networks.
Outperforming Ethereum on speed and cost
By the numbers that matter for daily use — transaction speed, cost, and throughput — Solana continues to outperform Ethereum. Yet its market cap remains a fraction of Ethereum's. That gap between usage and valuation is the central tension in Solana's story this year. The network's lower valuation hasn't stopped developers from building or users from transacting. If anything, the gap seems to be narrowing as real-world utility expands.
The next milestone to watch: whether Solana can maintain its DEX volume lead into June, and whether the app revenue growth rate accelerates or levels off. So far, the trend lines point one direction.
