Data shared by X user obchakevich_ outlines 23 months of on-chain activity for MoonPay Commerce on Solana, covering November 2024 through September 2026. The business traces back to Helio, a payments service MoonPay said it acquired on Jan. 13, 2025, before renaming it MoonPay Commerce. The product, however, is still running on the pre-acquisition smart contracts.
The deal value was not disclosed by the companies. Fox Business reported a $175 million price tag, while Fintech Futures described the acquisition as an all-equity transaction. Helio, founded in London in 2022, said at the time of the acquisition that it had more than 6,000 merchants, more than $1.5 billion in cumulative volume, and integrations with Discord, Shopify and WooCommerce.
The on-chain figures show $100.3 million in transaction volume and $1.08 million in fees in the three months before the acquisition, implying about $4.3 million in annualized fees. Full-year 2025 volume came in at $141.9 million with $1.59 million in fees. Over the last 12 months, volume was $90.7 million and fees were about $930,000. Monthly volume fell from $39.8 million in January 2025 to $9.6 million in March, and stood at $7.3 million in September 2026. The effective fee rate stayed between 1.05% and 1.20% across the 23-month period.
X user obchakevich_ shared 23 months of Solana on-chain data tied to MoonPay Commerce, the payments unit under MoonPay. The period runs from November 2024 to September 2026.
Helio acquisition and rebrand
MoonPay announced on Jan. 13, 2025 that it had acquired payments service Helio and later renamed it MoonPay Commerce. The product is still operating on the smart contracts that were in use before the acquisition.
The companies did not disclose the transaction value. Fox Business reported the deal at $175 million, while Fintech Futures described it as an all-equity transaction.
Helio’s scale at the time of the deal
Helio was founded in London in 2022. At the time of the acquisition, it said it had more than 6,000 merchants, more than $1.5 billion in cumulative transaction volume, and integrations with Discord, Shopify and WooCommerce.
Volume and fee figures on Solana
In the three months before the acquisition, on-chain transaction volume totaled $100.3 million and fees reached $1.08 million. That implies annualized fees of about $4.3 million. Using the $175 million figure reported by Fox Business, the price would be roughly 40 times that annualized fee run rate.
For full-year 2025, transaction volume was $141.9 million and fees were $1.59 million.
Over the last 12 months, transaction volume came to $90.7 million and fees were about $930,000. Based on the reported $175 million deal value, that would be about 190 times the latter fee figure.
Monthly trend and effective fee rate
Monthly transaction volume fell from $39.8 million in January 2025 to $9.6 million in March 2025. By September 2026, it stood at $7.3 million.
The effective fee rate stayed within a range of 1.05% to 1.20% over the 23-month period.
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