Castle Labs says Solana apps earned $193m in 30 days as RWAs climb 600%

Key points

• Solana apps brought in $193m over 30 days, against $86.5m for Hyperliquid, $53.8m for Ethereum and $34.6m for Robinhood-related activity.
• Pump.fun generated about $39m in trailing 30-day revenue, roughly a fifth of all Solana application revenue, with Pumpswap adding $15m.
• Solana's RWA market value grew more than 600% in a year, from about $700m to $4.37bn, as Ethereum went from $15.5bn to $16.6bn.

Consumer applications such as launchpads, trading terminals and collectibles still account for about 80% of Solana app revenue. Pump.fun remains the standout, producing roughly $39m in trailing 30-day revenue, or about a fifth of the total, with its Pumpswap exchange adding $15m.

The larger shift is in tokenised real-world assets. Tokenised stocks on Solana rose from $63m to $455m, helped by platforms including xStocks and Backpack, and more than $65m of tokenised equities is already being used to earn yield.

Castle Labs argues the investment case is changing: Solana's next phase will depend on whether consumer revenue can sit alongside deeper lending markets and productive RWAs, rather than on how many meme coins launch.

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