SOL Earnings Report Q3 2025

Solana experienced a mixed Q3 2025, with economic activity contracting due to decreased speculative activity and active users, yet showing growth in stablecoin supply and tokenized real-world assets, while monetary policy maintains a higher dilution risk for unstaked SOL compared to Ethereum.

• Solana's Q3 2025 saw reduced economic activity and active users, leading to an 18% drop in real economic value, primarily affecting MEV and Jito tips.

• Significant growth occurred in stablecoin supply (up 37%) and tokenized real-world assets (up 42%), with stablecoin velocity being a key driver of network economics.

• Unstaked SOL holders face a 4.8% quarterly dilution due to issuance, making staking essential to protect asset value, while private DEXs are transforming the DeFi landscape with superior execution.

Solana's Q3 2025 financial report indicates a mixed quarter, marked by an 18% contraction in real economic value and a 6.8% decrease in GDP compared to Q2, largely due to a 30% drop in active users and less speculative activity, particularly in meme coin trading. Despite these contractions, Solana saw significant growth in its stablecoin economy, with supply up 37%, and a 42% increase in tokenized real-world assets. The network also experienced interesting shifts in its DeFi landscape with the rise of private DEXs and competition among token launchpads.

Real Economic Value & Yield

• 00:06:14 Solana's real economic value, representing block space fees including MEV, totaled nearly $223 million in Q3 2025, an 18% decline from Q2. This decrease is primarily attributed to a 30% reduction in active users, leading to less MEV, particularly Jito tips, which is the main claim for SOL token holders. Despite the quarterly drop, the year-over-year growth remains strong at 241% compared to Q3 2024. The total on-chain yield for stakers averaged 7.08% for the quarter, but 93% of this is from issuance, indicating a significant dilution risk for unstaked SOL holders, with a real on-chain yield of only 0.44% from user payments and MEV.

• 00:30:50 The issuance schedule for SOL is programmatically disinflating over time, starting at 15% and aiming for 1.5% in approximately eight years, though unlocks still contribute to circulating supply growth. Unstaked SOL holders face a net dilution rate that averaged 4.8% for the quarter, emphasizing the importance of staking to avoid dilution. While Solana burns half of its base fees, this burn rate is currently lower than Ethereum's, making staking crucial for SOL holders to mitigate the impact of issuance.

• 00:37:54 DEX volumes on Solana reached an average of $3.97 billion per day, marking a 279% increase year-over-year, and were up on the quarter. This growth, however, is nuanced: public AMM DEX volumes were down 9%, while private AMM DEX volumes surged 70%, now accounting for 37% of all DEX volumes. These private DEXs, often run by large market makers, integrate with existing infrastructure like Jupiter and Jito to offer superior user experience through tighter spreads and better execution, posing significant competition to traditional public AMMs like Raydium.

• 00:46:05 Trading platform revenue, largely driven by speculative activity and meme coins, reached $214 million in Q3, albeit experiencing a small contraction. Axiom, a Y Combinator startup, emerged as a dominant force in this sector, capturing 70% market share by aggregating various DeFi services and offering a comprehensive trading terminal. Axiom's success is attributed to its effective referral program, which kicks back about a third of its revenue to traders, demonstrating a different customer acquisition strategy compared to token-based loyalty programs.