Solana Tops 2025 Blockchain Revenues, Hyperliquid Follows Ahead of Ethereum

• Solana tops all chains with $1.3 billion in revenue despite stable TVL between $7-12 billion.

• Hyperliquid follows at $816 million, driven by derivatives trading with TVL peaking over $6 billion.

• Both outperform Ethereum by focusing on high-volume activity, per CryptoRank and DeFi data.

Solana and Hyperliquid dominate 2025 blockchain revenues with $1.3B & $816M. Uncover why execution trumps liquidity. Explore insights for smarter crypto strategies today.

Source: CryptoRank

These rankings underscore a key trend in 2025: networks optimized for transaction execution and high throughput are capturing more on-chain value than those with deeper but less active liquidity pools.

What are the top revenue generating blockchains in 2025?

Solana and Hyperliquid stand as the leading blockchain revenue generators in 2025, with Solana producing $1.3 billion and Hyperliquid $816 million per CryptoRank data. They surpass Ethereum’s $524 million by prioritizing high-frequency transactions and efficient fee capture from decentralized exchanges, memecoins, and derivatives trading.

Solana’s performance stems from consistent transaction volumes across DeFi, consumer apps, and DePIN protocols. Hyperliquid excels in specialized perpetuals trading, maintaining elevated fees amid fluctuating TVL. This shift highlights execution-focused models over traditional liquidity reliance.

Why is Solana leading blockchain revenues despite stable TVL?

Solana’s Total Value Locked has hovered between $7 billion and $12 billion throughout 2025, per DeFi data trackers. Yet, transaction volumes spiked multiple times mid-year, driving $1.3 billion in fees. High-frequency activities like DEX trading and memecoin swaps have optimized revenue per capital unit.

Social sentiment on Solana, tracked by Santiment, showed high volatility—oscillating between positive, negative, and neutral zones. Despite this, usage and revenue remained decoupled from hype.

Source: Santiment

This resilience indicates Solana functions as a robust execution layer, where demand arises from practical utility rather than market narratives.

How does Hyperliquid’s revenue model outperform general-purpose chains?

Hyperliquid, a derivatives-focused platform, has generated $816 million in 2025 revenues, exceeding many Layer-1 and Layer-2 networks. Its TVL rose from $2 billion early-year to over $6 billion peak, stabilizing near $4.1 billion per DeFi metrics.

Sustained trading volumes ensure fees remain high relative to capital. Santiment sentiment data reveals a mid-year cool-off to neutral levels, yet TVL and revenue held firm, underscoring trader loyalty.

Source: Santiment

Overall, 2025 data from CryptoRank reveals execution-optimized networks like Solana and Hyperliquid capturing value more effectively. Solana covers diverse apps with throughput; Hyperliquid targets intensive trading. Both demonstrate capital efficiency in converting activity to fees.

Frequently Asked Questions

How much revenue did Solana generate in 2025 compared to Ethereum?

Solana generated $1.3 billion in revenue in 2025, per CryptoRank, doubling Ethereum’s $524 million. This edge comes from high DEX and memecoin volumes despite comparable TVL ranges.

Why has Hyperliquid’s TVL remained sticky in 2025?

Hyperliquid’s TVL doubled from $2 billion to around $4.1 billion by late 2025, supported by consistent derivatives trading. Even as sentiment cooled per Santiment, trading activity sustained capital inflows and fee generation.

Key Takeaways

• Solana’s $1.3B revenue: Achieved via stable TVL and high transaction throughput, independent of sentiment swings.
• Hyperliquid’s $816M edge: Specialized model excels in derivatives, with TVL growth reflecting trader retention.
• Execution over liquidity: Prioritize throughput networks for future revenue trends; monitor activity metrics closely.

Conclusion

In 2025, Solana and Hyperliquid revenue leadership illustrates a pivot toward execution efficiency in blockchain value capture. Data from CryptoRank and Santiment confirm throughput and usage as key drivers, outstripping TVL or hype. As capital efficiency defines performance, watch these models for sustained dominance and emerging opportunities in high-activity chains.