Solana and Hyperliquid are the two blockchain networks generating the most revenue in 2025, surpassing even large Capital ecosystems like Ethereum.
Data suggests that on-chain value in 2025 is shifting towards networks optimized for processing speed and order execution quality, rather than relying solely on TVL growth or media narratives.
- Solana leads in 2025 revenue with $1.3 billion, although TVL is expected to remain mostly flat.
- Hyperliquid ranked second with $816 million, demonstrating a "specialized execution" model for Derivative.
- Trends in 2025: throughput-optimized networks and efficient conversion of activity into fees are becoming dominant.
Solana leads in revenue for 2025 despite flat TVL figures.
Solana is projected to generate $1.3 billion in revenue in 2025 and maintain its number one position, while TVL largely fluctuates within the $7–12 billion range.
According to CryptoRank data, Solana achieved $1.3 billion in revenue from the beginning of 2025, the highest among blockchains, while Hyperliquid ranked second with $816 million. During the same period, Ethereum recorded approximately $524 million, despite having a larger Capital base and liquidation .
In 2025, Solana 's TVL ( Total Value) is expected to remain relatively flat, fluctuating between $7 and $12 billion according to DeFi data. While lacking a sustainable TVL expansion trend, volume remains high and has seen some significant surges mid-year.
The combination of “stable TVL but high transaction volume” suggests Solana is generating more revenue per unit of locked Capital , rather than relying on increased liquidation to drive fees. High-frequency activity on the DEX, consumer app, memecoin trading, and DePIN-related activities are described as direct sources of fee conversion.
Social sentiment data on SOL shows significant volatility, frequently shifting between positive and negative, with many periods near neutral. However, these emotional shifts do not show a clear impact on usage or revenue, suggesting that demand is more "use-based" than "story-based".
Hyperliquid demonstrates a Derivative -specific execution model.
Hyperliquid is a specialized Derivative trading platform but is still expected to generate $816 million in revenue by 2025, surpassing many general-purpose Layer-1 and Layer-2 platforms.
Hyperliquid is built as a specialized Derivative trading platform rather than a multi-purpose blockchain. Even so, Hyperliquid's 2025 revenue is projected to exceed that of most large Layer-1 and Layer-2 networks, reinforcing the argument that "execution" and activity intensity may be more important than passive liquidation depth.
Hyperliquid's TVL data shows that locked Capital increased from approximately $2 billion at the beginning of the year to a peak of over $6 billion, then corrected and stabilized around $4.1 billion. Despite the decrease from its peak, TVL is still roughly double that of the beginning of the year, implying that Capital has remained relatively "secure" despite changing market conditions.
Hyperliquid's revenue remains high relative to its own Capital base. A direct interpretation from the data is that fees don't just come from isolated volume spikes, but are supported by sustained trading activity.
Social sentiment surrounding HYPE cooled in the latter half of the year, moving toward neutral or slightly negative. However, there were no corresponding "crashes" in TVL or revenue, suggesting that users continued to rely on the platform even when market sentiment was less favorable.
on-chain value in 2025 prioritizes throughput and execution quality.
Data from 2025 shows that networks prioritizing throughput and execution are capturing on-chain value better than networks relying on high liquidation but less activity.
The overall picture in 2025 highlights a key shift: on-chain value is increasingly being “captured” by networks optimized for transaction execution and throughput, rather than solely based on TVL size. The pragmatic understanding is that revenue reflects actual activity levels, and networks that convert activity into fees more efficiently are emerging.
Solana represents the "multipurpose" side, covering a wide range of applications with high trading capacity. Hyperliquid represents the "specialized" side, focusing almost entirely on high-intensity Derivative trading. Despite their different positioning, both demonstrate significantly better performance in converting operations into revenue compared to their competitors.
Conclusion: Capital efficiency and sustainable use are prevailing.
Solana and Hyperliquid's dominance in revenue suggests that by 2025, execution quality and sustainable usage will be more important than increased TVL or social sentiment volatility.
Two consistent takeaways from the data are: (1) execution quality and stable usage demand are driving on-chain revenue more than continuously increasing TVL or social media sentiment; (2) as Capital efficiency becomes a clearer differentiating criterion, networks that consistently convert activity into fees can continue to outperform large but less “productive” systems.
Frequently Asked Questions
Which blockchain will generate the highest revenue in 2025?
Solana is projected to lead in revenue in 2025 with $1.3 billion, according to the data presented, surpassing Hyperliquid ($816 million) and Ethereum ($524 million) during the same period.
Why does Solana still lead in revenue despite not seeing a significant increase in TVL?
Solana 's TVL primarily fluctuates between $7–12 billion, but volume remains high. This suggests the network is generating more revenue per unit of locked Capital , driven by strong real-world demand and high transaction frequency.
Is Hyperliquid a blockchain or a trading platform?
Hyperliquid is described as a specialized Derivative trading platform rather than a general-purpose blockchain. Despite its specialization, the network still generates significant revenue through its sustained Derivative trading operations.
How will Hyperliquid's TVL fluctuate in 2025?
Hyperliquid's TVL increased from approximately $2 billion at the beginning of the year to a peak of over $6 billion, then declined and stabilized at nearly $4.1 billion. Despite the adjustments, TVL is still approximately double what it was at the beginning of the year.
What does the " on-chain value capture" trend in 2025 tell us?
Data shows that networks prioritizing throughput and execution quality are generating fees more effectively, outperforming networks that rely on high liquidation but passively. In other words, actual activity and the ability to convert that activity into fees are becoming more important.
