NAIROBI (CoinChapter.com)—Solana’s decentralized application (DApp) ecosystem shattered revenue records in Nov. 2024, generating $365 million, according to data from Syndica. The surge, driven by memecoins and decentralized finance (DeFi), highlights Solana’s growing dominance in the blockchain space.
This milestone cements Solana’s status as a major player in the blockchain industry, reflecting its ability to attract diverse developers and users. By combining high transaction speeds with low costs, Solana has created a fertile ground for both emerging and established DApps to thrive.
Pump.fun’s $106M Windfall
Memecoin launchpad Pump.fun led the charge, earning $106 million in Nov. This made it the first Solana-based DApp to exceed $100 million in monthly revenue. However, Pump.fun faced backlash after reports on Nov. 25 alleged violent threats and inappropriate content shared during livestreams by its community members.
In response, the platform suspended its livestreaming feature indefinitely. The decision impacted its weekly revenue, which dropped 66%, from $33.8 million between Nov. 18 and 24 to $11.3 million in the last week of the month. Despite the controversy, Pump.fun remains a critical player in Solana’s ecosystem, with memecoin DApps contributing $509 million in revenue year-to-date.
Memecoin DApps saw a meteoric rise in 2024, with revenues growing from $600,000 in Jan. to $183 million in Nov. This growth underscores the increasing adoption of memecoin-focused applications on Solana, which accounted for over 83% of the blockchain’s DApp revenue this year.
DeFi and Infrastructure Shine Amid Solana’s Revenue Boom
Beyond memecoins, DeFi applications drove substantial revenue for Solana. Raydium, a decentralized exchange (DEX), contributed $32 million in Nov., supported by high trading volumes and increased staking activity. The broader DeFi sector remains the backbone of Solana’s DApp ecosystem, contributing 83.7% of total earnings this year.
Infrastructure protocols also showed robust performance. Jupiter’s Swap API enabled Solana wallet providers like Phantom and Solflare to generate $153 million in fees this year. Payment infrastructure projects such as Helio recorded a sevenfold revenue increase in 2024, reaching $316,000 in Nov.
Emerging sectors like Decentralized Physical Infrastructure (DePIN) also gained momentum. Render, a decentralized compute network, led the DePIN category, reflecting strong demand for blockchain-based services in real-world applications.
Solana’s ability to achieve record-breaking DApp revenue despite challenges underscores its growing resilience. While controversies around platforms like Pump.fun have raised concerns, the blockchain’s diverse ecosystem, led by memecoins and DeFi, continues to drive adoption.
