Solana faces 44% revenue dip in Q2 even as DeFi TVL soars near ATH
The Solana blockchain recorded a steep income decline within the second quarter of 2025, at the same time as its decentralized finance ecosystem expanded.
A latest report from Messari exhibits that whereas complete worth locked (TVL) on the community elevated, software income, known as Solana’s “Chain GDP,” fell sharply throughout the reporting interval.
In line with the report, Solana’s complete software income dropped 44.2% quarter-over-quarter, sliding from $1 billion in Q1 to $576.4 million in Q2. The downturn was tied to diminished profit-making throughout key decentralized functions.
PumpFun, the main contributor to Solana’s revenue, generated $156.9 million throughout the three months. Nevertheless, that determine marked a 43.9% quarterly decline, reflecting weaker memecoin exercise.
In the meantime, Axiom moved in the wrong way, rising 641.3% to $126.6 million in income. Jupiter, a significant DeFi aggregator, introduced in $66.4 million, although this represented a 15.6% drop from the earlier quarter.
Moreover, Phantom pockets additionally posted $53.5 million, down 65.4%, whereas Photon slipped 72.4% to $32.5 million.
DeFi TVL rises
Regardless of the income contraction, Solana’s DeFi sector showed resilience throughout the interval.
In line with the report, the whole worth of belongings locked (TVL) climbed 30.4% quarter-over-quarter to $8.6 billion, cementing Solana’s place because the second-largest DeFi community after Ethereum.
The rise has continued, with the sector’s TVL climbing to more than $11 billion, in response to DeFiLlama data.
Kamino Finance prolonged its dominance with a 33.9% TVL enhance to $2.1 billion, giving it a 25.3% market share. This surge adopted the launch of Kamino Lend V2 in Could, which attracted greater than $200 million in deposits and $80 million in loans inside its first three weeks.
Raydium additionally staged a comeback, overtaking Jupiter to reclaim second place. Raydium’s TVL grew 53.5% to $1.8 billion, whereas Jupiter expanded 13.2% to $1.6 billion. Consequently, Raydium now instructions 21.1% of Solana’s market share, in comparison with Jupiter’s 19.4%.
Buying and selling quantity lags
Nevertheless, the expansion in TVL didn’t translate into increased buying and selling exercise.
The typical every day spot DEX quantity throughout the Solana ecosystem fell 45.4% in Q2 to $2.5 billion.
Messari attributed the droop to fading memecoin momentum, which had pushed file buying and selling exercise within the first quarter.
The publish Solana faces 44% revenue dip in Q2 even as DeFi TVL soars near ATH appeared first on CryptoSlate.
