MoonPay Commerce’s 23-month Solana data shows steady take rate and lower monthly volume

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.