Data: Solana Q1 app revenue totaled $1.2 billion, its best quarter in a year, with Pump.Fun leading the way with $257 million

According to News.bitcoin, Messari's "State of Solana Report for the First Quarter of 2025" shows that in the first quarter of this year, the Solana blockchain recorded its strongest performance in 12 months, and Solana's total revenue increased by about 20% from the previous quarter's $970.5 million to $1.2 billion. January was particularly noticeable, accounting for nearly 60% of the quarter's total revenue.

Pump.Fun, the popular memecoin distribution platform, topped the list of all apps with $257 million in revenue, followed by Phantom with $164 million. Third-ranked Photon reached $122 million in revenue (up 13%); Bullx, which ranked fourth, reached $87 million in revenue (up 19%). Jupiter, which ranked fifth, had revenues of $80 million (up 79%).

Meanwhile, the report data shows that the total value locked (TVL) of DeFi on Solana (in US dollars) fell by 64% to $6.6 billion. At the same time, the stablecoin market cap on Solana grew by a massive 145% to $12.5 billion, largely thanks to the release of Trump's memecoin on January 17. The USDC stablecoin's market cap increased by 148% month-over-month to $9.7 billion. Its market capitalization is four times that of its main competitor, USDT, which grew by 154% to $2.3 billion. During this period, the average transaction fee decreased by 24% QoQ to 0.000189 SOL ($0.04), while the median transaction fee decreased by 7% to 0.000008 SOL ($0.0015).

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