Solana generated $2.85 billion in revenue over the past year, driven by trading platform activity, averaging $240 million monthly and peaking at $616 million in January during the memecoin boom. Validators earned revenue from fees in various sectors, with trading platforms accounting for 39%, or $1.12 billion. Solana outperformed Ethereum in revenue and daily active addresses.

Several companies rebranded to Solana treasury companies, holding nearly $4 billion in SOL. Brera Holdings rebranded to Solmate following a $300 million raise, aiming to build a Solana-focused digital asset treasury. Forward Industries leads the pack with 6.822 million SOL tokens. Solana ETF applications await SEC decisions, with high chances of approval once the US government reopens.

Bettors on Polymarket believe there is a 99% chance of a Solana ETF approval by the end of the year. The US government shutdown may delay decisions on ETF applications from Fidelity, VanEck, Grayscale, Canary, Franklin Templeton, 21Shares, and Bitwise. Solana’s efficiency and low fees continue to attract investors and validators, further solidifying its position in the crypto market.

Read more at Cointelegraph: Solana earns $2.85B as ETFs, treasuries boost institutional demand