Solana Protocols Outpace Ethereum 4:1 in Revenue as Meme Coin Drives $216M Monthly Windfall

According to DefiLlama, over the past 30 days, Ethereum and Solana’s top protocols have collectively generated over $215.44 million in revenue.

Ethereum’s revenue came from a mature ecosystem built on established DeFi primitives, with $41.2 million spread across traditional financial services like lending protocols, decentralized exchanges, staking services, and wallet infrastructure. 

In stark contrast, Solana’s protocol revenue of $172.2 million is heavily concentrated in speculative trading tools and meme coin launching platforms, which essentially shows the ecosystem is optimized for high-velocity retail trading and token creation.

Notably, Ethereum is trading above $2,600 at the time of writing, and Solana is trading above $160.

Ethereum: The Mature DeFi Infrastructure Play

Sky Protocol’s commanding $16.62 million in 30-day revenue represents the evolution of MakerDAO’s battle-tested lending infrastructure. As a decentralized credit system, Sky generates revenue through stability fees on collateralized debt positions and liquidation penalties. 

The protocol’s revenue sustainability comes from its role as a cornerstone of DeFi infrastructure, providing essential credit services that have proven resilient through multiple market cycles.

Lido’s $5.46 million revenue, combined with Ether.fi’s $2.09 million demonstrates how liquid staking has become a revenue driver for Ethereum protocols. 

Lido, controlling over 30% of staked ETH, generates fees by taking a percentage of staking rewards before distributing them to users. This model benefits from Ethereum’s proof-of-stake transition and the growing institutional demand for yield-bearing ETH exposure without sacrificing liquidity. 

Ether.fi, however, is improving liquid staking protocols by offering more sophisticated staking derivatives and has captured a large part of the market share as a result.

Unlike speculative trading platforms, Uniswap’s $3.91 million revenue was generated from fees through legitimate market-making activities, institutional arbitrage, and organic trading volume. 

The protocol’s revenue comes from trading fees across multiple fee tiers, concentrated liquidity positions, and protocol-owned liquidity initiatives.

The combined $3.81 million revenue from MetaMask ($2.39 million) and Coinbase Wallet ($1.72 million) is a value derived from user-facing infrastructure. 

These wallets generate revenue through swap fees, cross-chain bridge commissions, and transaction prioritization services. 

Their revenue reflects Ethereum’s broad adoption across both retail and institutional users, with fees generated from legitimate utility rather than speculation.

Solana: The Speculative Trading Powerhouse

PumpFun’s $46.26 million revenue represents the most significant single protocol revenue, generated entirely through meme coin creation and early trading. 

The platform charges fees for token launches, takes a percentage of early trading volume, and profits from the rapid turnover of speculative assets. This revenue model is entirely dependent on retail speculation and the viral nature of meme coin culture.

Axiom’s $43.01 million revenue likely came from its advanced MEV extraction or specialized trading infrastructure. However, this revenue concentration in a single protocol suggests either institutional-level MEV strategies or high-frequency trading infrastructure serving the network’s speculative activity.

The combined $23.37 million revenue from BONKbot ($8.94 million), BullX ($8.87 million), and Bloom Trading Bot ($6.56 million) reveals a highly speculative trading-driven environment. 

These platforms charge subscription fees, transaction percentages, and premium feature access to users seeking automated trading advantages in the fast-moving meme coin markets.

Phantom Wallet’s $19.56 million revenue compared to its Ethereum counterparts came from higher transaction velocity and speculative trading volume in the ecosystem. 

Similarly, Jupiter’s $7.16 million (DEX aggregation) and Raydium’s $10.05 million (AMM trading) further demonstrate how even infrastructure protocols benefit from the network’s speculative culture, generating fees from the constant churn of meme coin trading.

Market Analysis: Current Sentiment and Strategic Implications

The 4:1 revenue gap highlights a market divided by risk tolerance. Retail traders are flocking to Solana’s low-cost, high-throughput rails to chase outsized, short-term gains, fueling a fee economy built on rapid trades and viral token launches.

• For Institutions, Ethereum remains the preferred choice, especially following the recent upgrade. Its established lending, staking, and DEX infrastructure delivers predictable fee generation, regulatory clarity, and enterprise-grade security.

• For Retail Speculators, Solana presents unrivaled profit potential if you can stomach the volatility. High-speed trading bots and meme-coin factories create opportunities for quick returns, but also expose traders to equally swift losses.

Long-term builders should recognize this split: Solana’s current momentum is likely cyclical rather than structural. Teams targeting retail audiences will thrive on its low fees and rapid settlements, while ventures focused on institutional adoption and sustainability will find Ethereum far more attractive.