Solana Explodes with $1.2B Revenue Surge: DeFi Slumps Amidst Memecoin Boom

Solana’s Q1 2025 financial report reveals a significant boost in revenue, reaching a record-breaking $1.2 billion. This impressive performance was fueled by January’s robust activity, which accounted for nearly 60% of the quarter’s total revenue. Leading contributors to this success include Pump.fun ($257 million), Phantom ($164 million), and Photon ($122 million). However, a decline in DeFi TVL (total locked value) by 64%, dropping to $6.6 billion, was observed. The opposite trend was seen with stablecoins experiencing a 145% surge, hitting $12.5 billion driven largely by memecoin activity.