Solana and Hyperliquid are leading blockchain revenue charts in 2025, underscoring a shift in how value is captured on-chain.
According to CryptoRank, Solana has pulled in roughly $1.3 billion in revenue so far this year, topping the list. Close behind is Hyperliquid with about $816 million, while Ethereum — long the market’s revenue heavyweight — recorded roughly $524 million during the same period.
What’s driving this outcome is a growing preference for networks optimized for execution and throughput over those that rely primarily on large, passive liquidity pools. The evidence for that shift is clear across usage, capital trends, and social sentiment.
Solana: high throughput, efficient fees
- Solana’s Total Value Locked (TVL) has remained range‑bound in 2025, bouncing between roughly $7 billion and $12 billion (DeFi data).
- Despite muted TVL growth, transaction volumes have been consistently strong, with several mid‑year spikes — indicating Solana is extracting more revenue per unit of capital rather than depending on TVL expansion.
- High-frequency activity across decentralized exchanges, consumer apps, memecoin trading and DePIN use cases has translated directly into fee income.
- Social sentiment around SOL has been volatile and often neutral (Santiment), but those swings have had little visible effect on on‑chain usage or revenue, suggesting demand is usage‑driven rather than narrative‑driven.
Hyperliquid: a derivatives-native revenue engine
- Built as a specialized derivatives trading platform, Hyperliquid has out-earned many major Layer‑1s and Layer‑2s this year.
- Its TVL climbed from roughly $2 billion early in the year to above $6 billion at peak, later settling near $4.1 billion — about double its starting level, showing capital has remained relatively sticky.
- Revenue levels remain elevated relative to TVL, implying sustained, intensive trading activity rather than one-off volume spikes.
- Social sentiment for HYPE cooled in H2 (Santiment), but TVL and revenue held up, signaling that traders continue to rely on the platform regardless of broader market mood.
Takeaway
2025’s revenue rankings highlight a clear theme: blockchains that prioritize execution quality and throughput — whether as generalist platforms like Solana or specialist venues like Hyperliquid — are converting on‑chain activity into fees more efficiently than chains dependent on deep but passive liquidity. The result is a redistribution of on‑chain value toward networks built for high‑frequency, high‑throughput use cases.
Sources: CryptoRank (revenue), DeFi dashboards (TVL ranges), Santiment (social sentiment)
Disclaimer: This content is informational and not investment advice. Trading cryptocurrencies carries high risk; do your own research before acting. © 2025 AMBCrypto
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