In the second quarter of 2025, Solana blockchain saw a 44.2% decrease in application revenue, dropping from $1 billion in Q1 to $576.4 million in Q2. Despite this, the DeFi sector saw a 30.4% increase in total value locked (TVL) to $8.6 billion, making Solana the second-largest DeFi network after Ethereum. Leading contributors to Solana’s revenue included PumpFun, Axiom, and Jupiter. Trading volume, however, decreased by 45.4% in Q2.

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