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Solana out-Earns Each Layer 1 and Layer 2

Solana booked $91 million for the month, putting it forward of the Hyperliquid L1 at $53 million, Ethereum at $52 million, Polygon at $26 million, and Base at $23 million. Utility income measures the charges that decentralized functions, akin to buying and selling platforms and token launchpads, retain from their customers.

It’s a narrower gauge than whole community charges, and analysts usually deal with it as a proxy for the way a lot actual financial exercise a series is internet hosting relatively than how a lot speculative throughput it processes.

The Might determine was not a one-off as only a month prior, Solana has posted the very best weekly utility income of any chain for 5 weeks operating, a stretch during which it recorded $16.94 million in a single week in opposition to Ethereum’s $13.55 million.

A lot of the exercise has been concentrated in Solana’s buying and selling and token-creation venues, the place memecoin hypothesis and high-frequency swaps drive payment technology. That mentioned, those self same venues can cool shortly when markets flip.

Income Energy Meets a Weak SOL Value

The payment dominance stands in sharp distinction to SOL’s ongoing worth efficiency because the token has not too long ago been buying and selling close to $81 after posting eight consecutive pink month-to-month candles, the primary such streak in its historical past, and has shed tens of billions of {dollars} in market worth from its 2025 peak.

That cut up between sturdy fundamentals and a delicate chart is a recurring theme for Solana this yr, regardless of the community’s ecosystem income reaching a file $2.39 billion in 2025. Not solely that, its tokenized real-world belongings climbed previous $2 billion earlier this yr, but SOL struggled to carry help (as broader crypto markets retreated).

Institutional channels have remained extra constructive. U.S. spot Solana exchange-traded funds (ETFs) have absorbed roughly $1.13 billion in cumulative internet inflows since launch, and Solana merchandise have continued to draw cash even on days when bitcoin funds bled, suggesting some buyers are treating the weak spot as an entry level relatively than an exit.

Nonetheless, income management and ETF demand haven’t been sufficient to interrupt the month-to-month dropping streak. Community utilization stayed elevated by means of the downturn, with Solana processing tens of hundreds of thousands of transactions a day, however charges alone haven’t reversed the value pattern.

Trying forward, if buying and selling volumes maintain and the payment lead extends right into a sixth and seventh week, the case that Solana is the most-used settlement layer in crypto turns into more durable to dismiss, and that argument may feed the subsequent spherical of ETF advertising and treasury allocations. Nonetheless, if the memecoin churn that underpins a lot of the income fades, the figures may compress as shortly as they rose.