On-chain data never lies. When prices and fundamentals are long-term out of sync, it usually indicates that the price needs to adjust.

2025 is filled with contradictions for Solana. At first glance, it’s hard to understand—SOL dropped from $194 at the beginning of the year to $124 at year-end, a 36% decline. The performance record doesn’t look very optimistic. But when you look at on-chain data, the story is completely different.

Total application revenue soared to $2.39 billion, a 46% year-over-year increase; network revenue reached $1.4 billion, growing 48 times in two years; daily active wallet count hit 3.2 million, a 50% increase. These figures are right in front of us, and the disconnect between price and fundamentals has reached a level that’s hard to explain with conventional thinking. After tracking public chain data for so many years, such extreme divergence often signals an upcoming market turning point.

**Application profitability is much stronger than imagined**

$2.39 billion in application revenue, with 7 apps generating over $100 million annually—these numbers show that the Solana ecosystem has incubated a batch of truly profitable applications.

Raydium, Jupiter, Meteora—these DEXs are no longer just "pseudo-demand" sustained by token incentives; they rely on trading fees to establish sustainable profit models. Jupiter handles 9,220 billion dollars in trading volume annually, and the overall Solana DEX trading volume reaches 1.5 trillion dollars, a 57% growth—this growth rate is among the top levels in public chains.

Even more interestingly, small applications with revenue below $100 million collectively contribute over $500 million in revenue. This indicates that the ecosystem is not sustained by just a few top applications but has formed a relatively balanced revenue structure.