Solana’s $205M DApp Strength Outshines Hyperliquid’s Brief Spike

According to a Syndica report Deep Dive: Solana DApps Revenue - August 2025 [ 2 ], Solana’s decentralized application (DApp) ecosystem continued to lead in DApp revenue, bringing in $205 million in August 2025. This amount represents the highest in seven months and highlights Solana’s strength despite rising competition from new protocols such as Hyperliquid. Although Hyperliquid has recently surpassed

and in daily fee generation Hyperliquid Overtakes Ethereum and Solana in Daily Revenue [ 1 ], Solana’s overall DApp revenue remains strong, making up 40% of the worldwide market Deep Dive: Solana DApps Revenue - August 2025 [ 2 ].

Pump.fun, a

launch platform, was a major contributor to Solana’s results, reclaiming the leading position on the network. In August, Pump.fun generated $44 million in revenue, increasing its share of Solana’s total DApp revenue to 63%, up from 40% in July Deep Dive: Solana DApps Revenue - August 2025 [ 2 ]. Other memecoin projects like Bags, Heaven, and Sugar also played a role, together adding $70 million in revenue, which is 34% of Solana’s DApp earnings. The report pointed out that these platforms continue to draw users with innovative tokenomics approaches.

Revenue from infrastructure projects on Solana also reached a seven-month peak, led by initiatives such as

and Metaplex. These foundational “pick-and-shovel” protocols consistently brought in $5–$7 million each month, supporting the network’s application layer Deep Dive: Solana DApps Revenue - August 2025 [ 2 ]. Jupiter, a top decentralized exchange (DEX), achieved a record $35 billion in revenue, and its Jupiter Lend product introduced an additional income stream. The protocol dedicates half of its fees to $JUP buybacks, further aligning incentives for token holders.

Hyperliquid’s rapid growth in daily fees has created significant competition for both Solana and Ethereum. On July 7, 2025, the perpetuals DEX collected $1.7 million in fees, overtaking both networks Hyperliquid Overtakes Ethereum and Solana in Daily Revenue [ 1 ]. Over the last three months, Hyperliquid’s total value locked (TVL) jumped by 147.6% to $370.7 million, fueled by large traders and high-leverage activity. The platform now commands 81.09% of the crypto derivatives market’s mindshare Hyperliquid Daily Revenue Tops Ethereum and Solana [ 4 ], though its revenue is still mainly driven by short-term trading rather than widespread DApp usage.

Interest from institutional investors in Solana’s ecosystem has also grown. Fitell Corporation, an Australian fitness firm, allocated $100 million to a Solana treasury plan, becoming the first Nasdaq-listed company to make the network a core asset Fitell Corp Commits $100M to Solana Treasury Strategy - Yahoo … [ 5 ]. This strategy involves providing on-chain liquidity and generating structured yields, with an initial purchase of 46,144 SOL (worth $10 million) already completed. Likewise, Brera Holdings (NASDAQ: BREA) changed its name to Solmate after securing $300 million in private funding led by the Solana Foundation and

Invest. These developments underscore Solana’s attractiveness to institutions seeking blockchain-based returns.

Even as Hyperliquid posts short-term gains, Solana’s DApp revenue remains supported by a wide range of consumer and infrastructure projects. The report highlighted that Solana’s application-layer revenue has held steady at around $200 million per month since February 2025 Deep Dive: Solana DApps Revenue - August 2025 [ 2 ], demonstrating its ability to maintain market share despite new entrants. Analysts observe that while Hyperliquid’s buyback model delivers immediate benefits to token holders, Solana’s expansive ecosystem—including DeFi, NFTs, and AI—offers a more stable base for long-term expansion Hyperliquid Outpaces Ethereum and Solana in Revenues – But … [ 3 ].