Solana Q1 application total revenue reached $1.2 billion, the best quarter in a year, with Pump.fun leading with $257 million

According to News.bitcoin, Messari's Q1 2025 Solana Status Report shows that in the first quarter of this year, the Solana blockchain achieved its strongest performance in 12 months, with Solana's total revenue increasing by about 20% from the previous quarter's $970.5 million to $1.2 billion. January was particularly noteworthy, accounting for nearly 60% of the total revenue for that quarter. The popular Memecoin distribution platform Pump.fun ranks first among all applications with a revenue of $257 million, followed by Phantom with a revenue of $164 million. Photon, ranked third, achieved a revenue of 122 million US dollars (an increase of 13%); Bullx, ranked fourth, achieved a revenue of $87 million (a 19% increase). Jupiter, ranked fifth, had a revenue of $80 million (an increase of 79%). Meanwhile, the report data shows that the total locked value (TVL) of DeFi on Solana (in US dollars) decreased by 64% to $6.6 billion. At the same time, the market value of stablecoins on Solana increased significantly by 145%, reaching $12.5 billion, mainly due to the release of Trump's memecoin on January 17th. The market value of USDC stablecoin increased by 148% month on month, reaching $9.7 billion. Its market value is four times that of its main competitor USDT, which has grown 154% to reach $2.3 billion. During this period, the average transaction cost decreased by 24% month on month to 0.000189 SOL (0.04 USD), while the median transaction cost decreased by 7% to 0.000008 SOL (0.0015 USD).