Onchain App Revenue Posts Best Month of 2026 With Solana Leading the Pack

Onchain applications recorded their highest monthly revenue of the year during September. DefiLlama data tracking 356 chains shows that app revenue hit $467.66 million for the month, marking a roughly 27% increase from the prior month and reaching its highest level since October of last year.

Solana took the top spot, generating $144.25 million, which made up about 31% of the aggregate total. Robinhood Chain secured second place with $84.39 million following a standout month, while Hyperliquid ($60.56 million) and Ethereum ($55.43 million) grabbed the third and fourth positions. Binance Smart Chain rounded out the top five, bringing in $38.71 million.

What Counts as App Revenue

Users who execute token swaps or open positions on onchain perpetual platforms incur fees. While a segment of these fees typically flows to liquidity providers, lenders, or token creators depending on the platform, the portion retained by the application after these distributions is classified as app revenue.

DefiLlama excludes certain categories from this metric, including stablecoin issuers and liquid staking protocols. Gas fees are also left out, as those payments go directly to blockchain networks and validators rather than individual applications.

The resulting figure offers a clear reflection of real demand. Because applications only earn this revenue when users actively pay to use their services, app revenue serves as a practical measure of actual user spending on onchain products—metrics that Total Value Locked (TVL) and wallet counts fail to show.

Solana’s best month since January

Solana’s $144.25 million figure represents an eight-month peak for the network and its strongest performance since January. Even so, this sum remains well below January 2025 levels, when Solana-based apps brought in approximately $50 million during the peak of the memecoin craze.

Launchpads and memecoin trading drove the bulk of the activity in September, anchored by StonkFun, a launchpad that launched in late July. The platform allows creators to back new tokens with tokenized stocks, pre-IPO tokens, or other cryptocurrencies instead of SOL. Early in September, StonkFun integrated Raydium’s LaunchLab bonding curves for its token launches, channeling that fresh volume through one of Solana’s premier trading hubs.

Robinhood Chain nearly triples its monthly revenue

Robinhood Chain delivered the most unexpected figure of the month. After generating roughly $30 million in each of July and August, the network surged to $84.39 million in September, nearly tripling its performance from the month before and surpassing both Hyperliquid and Ethereum.

Hyperliquid, which derives the majority of its revenue from perpetual futures trading, finished just ahead of Ethereum. Despite maintaining a massive lead in Total Value Locked compared to any other network, Ethereum finished September in fourth place for app revenue.

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