The Solana blockchain recorded a steep income decline within the second quarter of 2025, whilst its decentralized finance ecosystem expanded.
A latest report from Messari reveals that whereas complete worth locked (TVL) on the community elevated, software income, known as Solana’s “Chain GDP,” fell sharply in the course of the reporting interval.
In response to 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 income, generated $156.9 million in the course of 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 serious 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 confirmed resilience in the course of the interval.
In response to 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 greater than $11 billion, in accordance with DeFiLlama knowledge.
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 Might, 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. Because of this, 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 greater buying and selling exercise.
The common each day spot DEX quantity throughout the Solana ecosystem fell 45.4% in Q2 to $2.5 billion.
Messari attributed the hunch to fading memecoin momentum, which had pushed file buying and selling exercise within the first quarter.
