Solana’s decentralized applications (DApps) experienced significant growth in November, primarily driven by Pump.fun, a memecoin launchpad, and the blockchain’s decentralized finance (DeFi) ecosystem. Research platform Syndica reported that November saw Solana-based DApps reach revenue of $365 million.
Pump.fun became the first DApp on Solana to surpass $100 million in monthly revenue. However, the platform faced backlash and halted its live streaming feature after users allegedly performed or threatened to perform acts of violence. Weekly revenue dropped by 66% following the event. Other top contributors to Solana’s DApp revenue included Photon, a token discovery platform, and Raydium, a decentralized exchange (DEX).
Memecoin DApps earned the most revenue among decentralized app categories on Solana, with $509 million, and Telegram bots earning $300 million. Spot DEXs received $141 million in revenue year-to-date. Memecoin DApps revenue saw over 300 times growth in 2024. In January, memecoin applications in Solana generated about $600,000 in revenue.
In November, the category’s earnings jumped to $183 million. Overall, 83.7% of all Solana DApp revenue in 2024 came from DeFi, with wallets accounting for 9.6%. The remaining 6.5% came from infrastructure, non-fungible tokens, and gaming applications.
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