Solana's blockchain reported a 44.2% drop in application revenue in Q2 2025, falling from $1 billion in Q1 to $576.4 million. Despite this decline, Solana's DeFi sector demonstrated growth, with the total value locked (TVL) increasing by 30.4% to $8.6 billion, maintaining its status as the second-largest DeFi network after Ethereum.
Key players in Solana's ecosystem experienced mixed results. PumpFun's revenue decreased by 43.9%, while Axiom saw a remarkable 641.3% revenue surge. Kamino Finance led TVL growth with a 33.9% increase, and Raydium regained its position as the second-largest contributor with a 53.5% rise. However, average daily spot DEX volume dropped 45.4% due to reduced memecoin activity.
Solana's DeFi Sector Expands Despite Revenue Decline in Q2 2025
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