Solana Tops All Blockchains With $91 Million in May App Revenue, Beating Ethereum

Solana out-Earns Every Layer 1 and Layer 2

Solana booked $91 cardinal for the month, placing it up of the Hyperliquid L1 astatine $53 million, Ethereum astatine $52 million, Polygon astatine $26 million, and Base astatine $23 million. Application gross measures the fees that decentralized applications, specified arsenic trading platforms and token launchpads, clasp from their users.

It is simply a narrower gauge than full web fees, and analysts often dainty it arsenic a proxy for however overmuch existent economical enactment a concatenation is hosting alternatively than however overmuch speculative throughput it processes.

App gross by concatenation (stacked monthly), per Defillama

The May fig was not a one-off arsenic conscionable a period prior, Solana has posted the highest play exertion gross of immoderate concatenation for five weeks running, a agelong successful which it recorded $16.94 cardinal successful a azygous week against Ethereum’s $13.55 million.

Much of the enactment has been concentrated successful Solana’s trading and token-creation venues, wherever memecoin speculation and high-frequency swaps thrust interest generation. That said, those aforesaid venues tin chill rapidly erstwhile markets turn.

Revenue Strength Meets a Weak SOL Price

The interest dominance stands successful crisp opposition to SOL’s ongoing terms show arsenic the token has precocious been trading adjacent $81 aft posting eight consecutive reddish monthly candles, the archetypal specified streak successful its history, and has shed tens of billions of dollars successful marketplace worth from its 2025 peak.

That divided betwixt beardown fundamentals and a brushed illustration is simply a recurring taxable for Solana this year, contempt the network’s ecosystem gross reaching a grounds $2.39 billion successful 2025. Not lone that, its tokenized real-world assets climbed past $2 cardinal earlier this year, yet SOL struggled to clasp enactment (as broader crypto markets retreated).

Institutional channels person remained much constructive. U.S. spot Solana exchange-traded funds (ETFs) person absorbed astir $1.13 cardinal successful cumulative nett inflows since launch, and Solana products person continued to pull money adjacent connected days erstwhile bitcoin funds bled, suggesting immoderate investors are treating the weakness arsenic an introduction constituent alternatively than an exit.

Still, gross enactment and ETF request person not been capable to interruption the monthly losing streak. Network usage stayed elevated done the downturn, with Solana processing tens of millions of transactions a day, but fees unsocial person not reversed the terms trend.

Looking ahead, if trading volumes clasp and the interest pb extends into a sixth and seventh week, the lawsuit that Solana is the most-used colony furniture successful crypto becomes harder to dismiss, and that statement could provender the adjacent circular of ETF selling and treasury allocations. However, if the memecoin churn that underpins overmuch of the gross fades, the figures could compress arsenic rapidly arsenic they rose.