Onchain applications across 356 tracked blockchains generated $467.66 million in revenue during September, the strongest month of 2026 according to DefiLlama data. The figure represents a 27% increase from August and marks the highest monthly total since October 2025.
Solana dominated the rankings, accounting for $144.25 million or roughly 31% of total revenue. The performance represents Solana's best month since January 2026. Robinhood Chain claimed second place with $84.39 million, nearly tripling its revenue from August. Hyperliquid generated $60.56 million in third place, followed by Ethereum with $55.43 million. Binance Smart Chain rounded out the top five with $38.71 million.
How App Revenue Is Measured
App revenue consists of fees collected from users when they swap tokens or open positions on decentralized perpetual trading platforms. After distributions to liquidity providers, lenders, and token creators, the remainder retained by applications is counted as revenue.
DefiLlama's methodology excludes stablecoin issuers, liquid staking protocols, and gas fees, which flow to blockchain networks and validators rather than applications. This approach provides a direct indicator of user demand, capturing spending that traditional metrics like Total Value Locked and wallet counts cannot measure.
Activity Drivers
Launchpads and memecoin trading drove much of Solana's September activity. StonkFun, a launchpad that launched in late July, played a central role after moving its token launches onto Raydium's LaunchLab bonding curves in early September. The platform enables creators to pair new tokens with tokenized stocks, pre-IPO tokens, and other crypto assets as alternatives to SOL.
Solana's September revenue, while strong, remains substantially below the $650 million generated in January 2025 during peak memecoin activity.
Robinhood Chain's surge was the month's most notable development, with September revenue approaching three times the $30 million monthly average from July and August.
