The Solana community’s financial exercise contracted for the second consecutive quarter.
Solana witnessed a notable financial slowdown as its energetic addresses took a plunge of 30% and operational effectivity collapsed by over 40% within the third quarter of the yr.
However information counsel that the community’s stablecoin exercise got here to the rescue.
Solana’s Community Well being Q3
Financial exercise on the Solana community declined for the second consecutive quarter, in accordance with The SOL Report Q3 2025 by The DeFi Report. The research revealed a broad contraction in on-chain fundamentals, with Actual Financial Worth (REV) dropping 18% quarter-over-quarter to $222.7 million and Actual Onchain Yield plunging 48% to 0.47%. Complete Onchain Yield averaged 7.08% APY, down 10.8% from the earlier quarter.
Regardless of weaker person monetization, staking rewards remained largely supported by SOL issuance, which accounted for 93% of complete returns throughout Q3.
Community fundamentals painted a blended image. Whereas complete SOL staked rose 3.13% and complete worth locked (TVL) climbed 33% to $11.5 billion, Solana’s community GDP fell 6.8% to $909 million. Lively addresses declined sharply by 30%, and DeFi Velocity dropped 18%, reflecting slower on-chain turnover. The price to supply $1 of actual financial worth rose 41% to $5.74, underscoring declining operational effectivity and weaker throughput per unit of capital deployed.
Stablecoin exercise was one of many few vivid spots in Q3. The DeFi Report founder, Michael Nadeau, acknowledged that regardless of some FUD, the whole stablecoin provide on Solana surged by 37% to $14.6 billion and was pushed primarily by USDC, which grew 39.6% and now represents 69% of all stablecoins on the community. Common every day stablecoin switch quantity surged 50% to $752 million, whereas efficient velocity rose 42%, which indicated more healthy transactional exercise. In the meantime, Solstice’s USX stablecoin, dubbed the “Ethena on Solana,” noticed its provide soar 235% in September alone to $167.7 million.
DeFi exercise confirmed blended momentum. Decentralized change (DEX) volumes elevated 7.2% to $3.97 billion per day, although buying and selling platform income slipped 5% to $214 million and new token launches declined 19%. Non-public automated market makers (AMMs) emerged as a key progress driver, with volumes up 69% and now accounting for 37% of complete DEX buying and selling.
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From a tokenomics standpoint, SOL issuance fell 2.98%, whereas burned SOL decreased 9%, leading to a 1.74% enhance in circulating provide and a 4.8% annualized internet dilution price. Regardless of market cap good points and rising stablecoin utilization, The DeFi Report additionally revealed that Solana continues to face monetization headwinds amid contracting on-chain exercise and weakening effectivity.
Progress Curve
Even because the community seems to be struggling throughout a number of metrics within the brief time period, it has overtaken Ethereum’s early progress curve on the longer timeframe and has emerged as one of many fastest-scaling income engines in blockchain historical past.
In response to 21Shares, Solana generated $2.85 billion in income between October 2024 and September 2025, which is greater than 50 instances greater than Ethereum’s output at an identical stage. By monetizing various sectors reminiscent of DeFi, AI, real-world belongings, and the meme coin frenzy, the asset supervisor stated that Solana achieved what Ethereum couldn’t in its early life.
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