Solana highlights 3,200 active devs, $1b+ app revenue for second straight quarter

In Q2, Solana‘s app revenue rose compared to Q1—even as application revenue on other major networks declined. In fact, Solana’s app revenue now surpasses the combined total of all other blockchain networks.

This activity also contributed to a sharp rise in validator income, which reached an average quarterly level of $800 million. The peak occurred on Jan. 19, with $56.9 million earned in a single day. At the same time, validator costs have dropped dramatically.

Notably, the breakeven SOL stake required for validators to cover their costs has fallen significantly. Validators now require just 16,000 SOL to break even, down from 50,000 SOL in 2022. According to the Solana Foundation, this reflects substantial improvements in network efficiency.

Solana has also topped the charts in attracting new developers. In 2024, the network drew 7,625 developers, more than any other blockchain, including Ethereum.

Number of new developers exploring different crypto ecosystems | Source: Electric Capital reportSolana Foundation showcases decentralization gains

According to the Solana Foundation, the network has made significant gains in decentralization. The Nakamoto Coefficient, used to measure how decentralized a network is, reached 20 by June. This puts Solana ahead of Ethereum, Sui, and Sei, which have coefficients of 6, 18, and 7, respectively.

Solana validators are also geographically distributed, with no single country or data center controlling more than 33% of the total stake. Germany leads with 23.55%, followed by the U.S. at 17.37%, and the Netherlands at 14.36%.