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Solana's (SOL) earnings climb to peak levels seen in the past three weeks.

Solana Network's Revenue Skyrocketed in May, Outpacing Major L1 and L2 Blockchains, Especially on the 14th.

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Solana's network earnings spiked in May, outpacing all significant L1 and L2 blockchain competitors...
Solana's network earnings spiked in May, outpacing all significant L1 and L2 blockchain competitors by the 14th.

Solana's (SOL) earnings climb to peak levels seen in the past three weeks.

Hype in Solana Drives Staggering Network Growth in May

Solana seen a monumental boost in user activity this May, leading to an impressive spike in its network revenue. This surge was put on display with the network's daily revenue, known as Real Economic Value (REV), reaching an astounding $8.35 million on May 14, marking a staggering 52.65% increase since the month began.

With the highest REV of any major Layer-1 and Layer-2 network, Solana left other rivals, such as Tron and Ethereum, in the dust: Tron struggled to catch up with only $2.3 million, while Ethereum found itself lagging in third place with a comparatively meager $1.79 million.

Real economic value, or network revenue, measures a blockchain's value growth from user activity by tracking in-protocol transaction fees and out-of-protocol tips. Its dramatic climb came alongside a notable increase in the price and trading volume of Solana's native token, SOL. The price of this cryptocurrency started the month at approximately $150 but skyrocketed to a high of $184 on May 13.

Why Solana's Star is Shining Bright in May

A plethora of factors has contributed to Solana's remarkable growth spurt. The buying pressure behind this expansion can be traced back to a 172,670 SOL purchase executed by the DeFi Development Corporation (NASDAQ: JNVR) on May 12. Furthermore, this investment fueled the existing enthusiasm among retail and institutional investors generated by broader cryptocurrency market trends and by optimism surrounding the potential launch of a Solana exchange-traded fund (ETF).

However, the SEC postponed its decision on the Solana ETF on May 13, leading to a more recent downturn. This correction, combined with a wider selloff in the digital asset market, has resulted in a 5.14% price drop for SOL in the last 24 hours, lowering its price to $171.81 and diminishing the month's gains to 29.79%.

Understanding Solana's Monumental Growth

Solana's impressive performance can be attributed to several significant factors:

  1. Renewed investor interest and capital inflows have driven up Solana's realized market capitalization to $78.5 billion, pushing the token to ranks of the elite cryptocurrencies. This growing demand is evident from the 4-5% increase in 30-day capital inflows, a trend observed in other major coins as well.
  2. Solana's massive transaction volume and robust network usage have solidified its reputation as a scalable and rapidly expanding platform. The network processed nearly 731 million transactions in a single week, leapfrogging competitors like Base, which managed only 77.1 million transactions.
  3. Solana's success can also be attributed to its dominance in the DeFi and decentralized exchange (DEX) sector. It earned more than $200 million in revenue during Q1 2025, leaving Ethereum and BNB Chain in its wake. Moreover, Solana leads in DEX trading volume, with $81.8 billion in transactions over the past 30 days, capturing a 24.25% market share.
  4. Solana's burgeoning price momentum and robust technical indicators symbolize strong bullish sentiment supported by increased trading volume. The token's price surged significantly in mid-May, breaking above the 50-day moving average and exhibiting a high RSI, both indicative of sustained growth.
  5. The rise of Solana-based meme coins, such as BONK and WIF, has generated broader network interest and fueled price rallies to three-month highs.
  6. Institutional money has flowed into high-risk assets like Solana, mirroring gains in traditional markets and supporting sustained buying pressure and network growth.
  7. While Solana's growing prominence has fostered cautious profit-taking among larger investors, the network's strong fundamentals have enabled it to weather these pressures so far.

Featured image via Shutterstock.

[1] Data source: Messari

[2] Data source: CoinMarketCap

[3] Data source: CoinGecko

[4] Data source: Coinmetrics

[5] Data source: Santiment

[6] Data source: Cryptodata DEF Stats

  1. The surge in Solana's network growth in May was not isolated, as cryptocurrencies like Bitcoin and Ethereum also experienced growth, showcasing the overall expansion of the cryptocurrency market.
  2. Solana's impressive REV, when compared to other Layer-1 and Layer-2 networks such as Ethereum and Tron, highlights the significance of blockchain technology and tokenomics in driving network value and user activity.
  3. As Solana's native token, SOL, experienced a price surge and increased trading volume, it attracted the attention of crypto investors, leading to a broader interest in blockchain technology and decentralized finance (DeFi). This interest extended to other coins, including Ethereum and Bitcoin, and various tokenomics models.

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