TREE NEWS reports: Solana’s application revenue rose 48% quarter-over-quarter to $299.1 million in the third quarter of 2025, the highest since Q3 2025. Tokenized equity trading volume hit a record $7.1 billion for the quarter, including a single-month peak of $4.4 billion in September. Spot DEX volume reached $197.2 billion, 36% of cross-chain spot volume, marking a ninth straight quarter above 30%, while on-chain transactions set a record 14.2 billion, about 1,790 per second.
Solana app revenue rises 48% QoQ to $299.1M in 2025 Q3
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AI take
The composition of Solana's activity is the real story: record tokenized equity volume alongside a ninth consecutive quarter above 30% of cross-chain spot share suggests the chain is holding a structural position in trading rather than riding a single speculative wave. The tokenized equity figure is the one to watch, since it sits at the intersection of crypto venues and traditional market structure and is where regulatory and venue decisions will land first. Whether application revenue keeps pace with record transaction counts — or volume grows faster than fees — is the open question.
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