Solana App Revenues: August 2025 in Review

Revenue remains the clearest indicator of how healthy and competitive an ecosystem is. For Solana, application-level revenues highlight both the strength of leading protocols and the growing diversity across categories. 

In August 2025, total app revenue climbed to $193.5M, up more than 126% compared to August 2024, though month-over-month changes revealed a more mixed picture. Some projects posted strong gains, while others saw revenues slip. A closer look, category by category, shows how the dynamics of Solana’s app economy are shifting.

Top Apps: Concentrated Leadership

In August, revenue concentration was striking. Axiom led with 49.1M, while Pump.fun followed at $41M, surpassing Letsbonk.fun, which briefly held the lead in June. Phantom placed third with $22.3M, though that figure was down $2.4M from July. Taken together, the top 10 apps generated more than 86.5% of total revenue, underscoring how much activity remains focused around a limited set of protocols.

Trading Tools: Axiom Dominates the Field

The trading tools sector remains the most lucrative on Solana. Collectively, tools in this category generated $67M in August, 2.6x higher than August 2024. Much of this momentum has been fueled by the memecoin trading boom on Solana, which pushed demand for efficient execution infrastructure and amplified the dominance of leading players.

The key driver here is Axiom, which accounted for more than 73% of category revenues. Since its launch in January, Axiom has accumulated over $275M in revenue, including $49.1M in August alone, making it the single highest-earning app on Solana for the month. The shift is striking: in 2024, Photon led trading tools with 43% of the segment’s income, but by August 2025, it had ceded leadership to Axiom.

Launchpads: Pump.fun Reclaims Its Crown

Launchpads have been the most competitive vertical in recent months. Pump.fun strengthened its lead in August with revenues of $41M, up sharply from $17.4M in July and more than double its August 2024 total. This surge allowed Pump.fun to reclaim the top position after briefly losing it to Letsbonk.fun in July.

The reversal was dramatic: Letsbonk earned $33.6M in July, but revenues collapsed by 79% in August, falling to $6.9M. The contest between these two highlights how quickly fortunes can shift in the launchpad space, where user flows are highly sensitive to new tokens and hype cycles.

Infrastructure: Steady with Isolated Shifts

Infrastructure apps on Solana produced a combined $7.4M in August, essentially flat month-over-month. Within the group, performance diverged: Marinade rose 42% to $1M, while Jito fell 18% to $1.8M. Revenues for Metaplex and Sanctum remained stable.

The longer view shows mild growth: compared to August 2024, infrastructure app revenues rose 10.4%. The outlier remains DEX Screener, which once peaked at $25.9M in December 2024 but slid to just $1.8M in August 2025, underscoring how reliance on market trends can impact revenue streams.

DEXs: A New Leader Emerges

Spot DEX revenues totaled $22.5M in August, nearly unchanged from July but up 116% year-over-year. Leadership within this category shifted: Meteora claimed the top spot with $9.1M, overtaking Raydium at $7.1M. Pumpswap also gained ground, rising from $3.1M in July to $4.9M in August.

The revenue reshuffle signals that competition among Solana DEXs remains dynamic, particularly as new AMM designs continue to attract liquidity and volume.

DePIN: Helium Extends Its Lead

Solana is home to one of the most active DePIN ecosystems. In August, the top four projects earned a combined $1.5M, nearly five times more than a year earlier. Helium drove much of this, with revenues climbing 127% month-over-month to $910K. Geodnet followed with $258K, up 62%.

The trajectory suggests that while DePIN revenues remain small relative to DeFi categories, their growth rate is among the highest on Solana.

Pokémon TCG: The New Growth Engine

The newest trend on Solana is Pokémon TCGs, which have rapidly captured user attention. Revenues in August reached $3.3M, more than 2.3x August 2024 levels. Momentum accelerated into September: by mid-month, revenues had already surpassed $5.9M, a 78% increase over August.

Collector Crypt and Phygitals are the leaders here. Collector Crypt generated $3.1M in September, while Phygital reached $2.6M. The surge reflects how quickly new consumer-oriented verticals can establish themselves within Solana’s broader app economy.

Final Thoughts

August 2025 illustrated both the growth and volatility of Solana’s revenue landscape. Total app revenue reached $193.5M, up more than 126% compared to August 2024, but the distribution varied across categories. Axiom reported $49.1M, while Pump.fun rose to $41M after a weaker July. Infrastructure apps remained steady at $7.4M, and DEXs generated $22.5M, with Meteora surpassing Raydium. Smaller segments such as DePIN and Pokémon TCG also recorded notable increases, with revenues rising roughly 5x and 2.3x YoY. Overall, the figures point to uneven but broad-based revenue expansion, with leadership positions shifting frequently between projects and sectors.

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