Solana Q1 Revenue Don Reach $1.2B as Pump.fun, Stablecoin Growth Dey Drive Ecosystem Gains Despite DeFi TVL Drop

Solana don deliver im strongest financial quarter for one year, e report $1.2 billion for application revenue for Q1 2025—e increase 20% pass the last quarter wey be $970.5 million. The one wey surprise pass be say January carry almost 60% of the quarter earnings. Di meme coin launch platform Pump.fun na im lead all Solana apps with $257 million revenue, come follow Phantom ($164 million), Photon ($122 million, increase 13%), Bullx ($87 million, up 19%), plus Jupiter ($80 million, up 79%). Even though revenue don rise wella and transaction activity high, Solana DeFi total value locked (TVL) drop 64% to $6.6 billion. But stablecoin market cap for Solana climb 145% to $12.5 billion, with USDC share jumo 148% to $9.7 billion—now four times bigger than e main competitor USDT, wey still increase 154% quarter-on-quarter to $2.3 billion. To make user dem engage, average transaction fees for Solana reduce 24% to 0.000189 SOL ($0.04), while median fees go down 7% to 0.000008 SOL ($0.0015). The quarter big application income, stablecoin inflow dem, and lower fees show say Solana ecosystem activity dey grow, especially for meme coin and stablecoin sectors. For crypto traders, these things show say Solana dey get more attraction and network use, even if DeFi TVL dey go down. The way revenue still dey concentrate for platforms like Pump.fun fit mean say dem go lead Solana ecosystem for future plus SOL price fit still dey strong.