Solana's on-chain economy is generating real revenue. In the first seven months of 2025, Solana's ecosystem dApps have generated $1.69 billion in revenue, close to the full-year level of 2024. The main growth comes from three major areas: 1. DeFi 2. Launchpad 3. DePIN In specific market segments: Spot DEX regained more than 35% of revenue share, outperforming Telegram bot trading Raydium surpassed pump.fun and occupied more than 50% of DEX revenue market share Axiom has an absolute advantage of about 85% in the meme coin field Photon, Bonkbot and Trojan, the three major platforms, control more than 70% of the Telegram bot market share Solana's on-chain economy is continuously creating cash flow in each block. If Wall Street sets up another SOL reserve, the market response will be even more enthusiastic.