Key stats from Birdeye's report [Solana 2025: The Year of Internet Capital Markets](https://birdeye.so/research/state-of-solana-2025):
* Following SOL's January ATH, onchain activity surged to record levels, meaning Solana had: largest native-token holder base (4.8M SOL holders), highest REV ($1.41B, 35% total) and highest DEX volume ($3T)
* Solana recorded zero outages in 2025, with average block time stabilizing at 0.398s and variability in block metrics dropped more than 8x, from over 6–7% in 2024 to 0.83% in 2025.
* Solana became the fastest-growing stablecoin ecosystem with supply increase from $5.2B to a peak of $16.8B, leading all major chains in average MoM, QoQ and YoY growth.
* USDC usage was highest on Solana, with 977.5% average monthly, far exceeding BNB Chain (666.7%), Base (520.1%) & Ethereum (69.2%).
* Solana emerged as a top venue for L1-native assets, such as BTC, ETH, ZEC, BNB, HYPE, MON. MON became the first L1 native token tradable on Solana from day one of mainnet, with first-day volume hitting $77.34M.
* Solana ranked #1 in new trading tokens for 21 consecutive months, with 40M+ tokens created. Yet memecoin share decreased from 49.27% in 2024 to \~15% in 2025 as stablecoin swaps, prop trading and other DEX activities grew, signaling Solana's shift towards more sustainable and diversified capital markets.