According to ARK Invest’s Q3 2025 DeFi report, Solana remained the top network in generating economic value, bringing in approximately $223 million—more than any other network tracked in the report. The findings underscore the Solana ecosystem’s continued growth and its ability to outpace competitors in revenue generation.
The report analyzed key decentralized finance metrics, including on-chain activity, stablecoins, and decentralized exchanges. Solana led the pack with $223 million in total value created.
Tron ranked second, generating around $160 million in value.
According to ARK Invest’s report, overall real economic value (REV) across on-chain networks has fallen sharply, declining as much as 83% from its all-time high of $4.9 billion in Q4 2021 to just $655 million in Q3 2025.
ARK Invest attributes the downturn to several factors. One major driver is the significant drop in uninformed flow, historically a key source of Maximum Extractable Value (MEV) and revenue for blockchain networks. Another contributing factor is the decline in transaction costs across multiple chains, as networks continue lowering fees to attract users and optimize trading efficiency.
Recent data from DeFi Llama shows Solana’s REV over the past 24 hours reached $1.1 million. The network’s total value locked (TVL) stands at $11.36 billion, up 0.74% in the past day. Gauntlet accounts for the largest share of fees at $12.71 million, while Jupiter holds the largest portion of TVL.
ARK Invest’s Solana Investments
ARK Invest has been actively investing in Solana-related ventures. On September 19, it acquired approximately $162 million in shares of Solmate (BREA) during the company’s $300 million funding round, now holding around 6.5 million BREA shares.
In July 2025, ARK Invest moved its Digital Asset Revolutions Fund validator operations to SOL Strategies, a Toronto-based firm specializing in Solana.
Earlier, in April 2025, ARK made its first direct Solana investment through the Canadian SOLQ ETF, a SOL staking fund. This move made ARKW and ARKF the first U.S.-listed ETFs to include Solana in their portfolios.
