Key Takeaways

Why is Solana in focus?

a16z’s State of Crypto 2025 report names Solana the fastest-growing blockchain, now driving over half of app revenue.

What’s happening with stablecoins?

Stablecoin transactions hit $46 trillion in the past year, tripling Visa’s volume, with issuers holding $150 billion in U.S. Treasuries.

The State of Crypto 2025 report from Andreessen Horowitz [a16z], released on 21 October, paints a picture of an industry shifting from speculation to structural maturity. 

Solana’s explosive rise, the global expansion of stablecoins, and the growing integration between AI and crypto now define what the venture firm calls “the next wave of blockchain growth.”

Solana takes center stage in onchain activity

According to a16z, Solana has become the fastest-growing blockchain ecosystem by real usage and developer activity. 

Builder participation has surged by 78% in two years, while the network now generates more real revenue than both Ethereum and Bitcoin combined.

The report highlights that Solana and Hyperliquid account for 53% of total onchain app revenue. This is a sign that activity is shifting toward high-performance, low-fee chains. 

With over $3 billion generated across Solana-based apps in the past year, a16z frames the ecosystem as “a functioning economy, not a speculat

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Author: Adewale Olarinde