Article source: Odaily Planet Daily
Author: Wenser, Odaily Planet Daily
The recent cryptocurrency market has seen a general pullback, but the Solana ecosystem still performed exceptionally well last month, likely to quickly recover its price and continue the ecosystem bull market.
According to statistics, by November 2024, Solana's native DApps achieved $365 million in income, setting a monthly record; nearly 84% of the income comes from the DeFi ecosystem, while wallets and infrastructure account for less than 15%. Additionally, there are 20 Solana DApps with monthly income exceeding $1 million, with pump.fun becoming 'the first Solana protocol in history to exceed $100 million in monthly income'. Odaily Planet Daily will summarize the performance of the Solana ecosystem in November in conjunction with Syndica's relevant reports for readers' reference.
Exploring Solana: Ecosystem Income and Protocol Income Both Hit New Highs
According to statistics, in November, the Solana ecosystem's income and DApps income reached $92 million and $365 million respectively, both hitting new highs for the year. The former grew from only $6 million at the beginning of the year, increasing 15 times; the latter grew from only $26 million at the beginning of the year, increasing 14 times.
It is worth mentioning that 50% of the Solana ecosystem's income is mainly used for SOL token buybacks and destruction; DApps income statistics primarily come from top protocol data and are not fully comprehensive.
Meanwhile, according to Coingecko data, the SOL price was only around $101 at the beginning of the year, previously breaking a new high of $263 on November 23, and has now fallen back to around $188, maintaining an annual increase of about 88%.
Solana Ecosystem and DApps Income Chart
Solana Ecosystem Protocol: pump.fun stands out, with 10 protocols achieving monthly income exceeding $10 million
Another example of the rapid development of the Solana ecosystem is the number of protocols with impressive income, among which, in November, 41 protocols had a monthly income exceeding $100,000; 20 protocols had a monthly income exceeding $1 million; 10 protocols had a monthly income exceeding $10 million; and only pump.fun had a monthly income exceeding $100 million.
According to Syndica statistics, pump.fun led the Solana protocol income in November with $106 million, earning the title of 'the first protocol in the Solana ecosystem to surpass $100 million in monthly income'; other leading DApps include Photon, Raydium, BullX, Trojan, BONKbot, Phantom, and other infrastructure projects like DEX and Telegram bots.
Monthly income segmentation statistics of Solana ecosystem DApps
Top 8 Protocol Income Ranking Data
Main reason for Solana's growth: DeFi sector reigns, meme ecosystem skyrockets over 300 times
According to statistics, 83.7% of the Solana ecosystem's protocol income comes from the DeFi sector; in contrast, wallet-related protocol income accounts for 9.6%; infrastructure project income accounts for 3.4%; NFTs sector income only accounts for 2.2%; the gaming sector's income is even less, at only 0.9%; and the least is from the payments and DePIN sectors, accounting for less than 1%.
From another perspective, the Solana ecosystem still has a lot of market space, with great potential in gaming, payments, and DePIN sectors.
In the DeFi sector, which dominates the Solana ecosystem, the income from meme coins and supporting meme coin protocols accounts for the largest share, with annual income reaching $509 million; followed by the Telegram Bot sector, with annual income of $300 million; and spot DEX ranking third, with annual income of $141 million. Notably, the monthly income of meme coin-related DApps grew from $600,000 in January to $18.3 million in November, an astonishing increase of 305 times, a true 'industry wonder'.
In addition, benefiting from the boost from pump.fun, Raydium also became the 'biggest beneficiary' of this sector, with a monthly platform income of $32 million in November, far exceeding Orca and Lifinity, equivalent to 8 times Orca's monthly income; 32 times Lifinity's monthly income. Additionally, since April, the FDV to protocol monthly income ratio of DEX tokens has gradually stabilized, maintaining within the range of 85% ± 10%.
Thanks to the project's good performance, Raydium bought back a total of 5.4 million RAY in November, worth up to $28 million, for distribution to stakers.
Solana ecosystem sector income proportion statistics
Meme coin-related DApps dominate the field
Meme coin-related DApps show astonishing growth
Raydium leads the spot DEX track
RAY token holders enjoy Raydium's spillover effect
Unlimited potential in the segmented track: Telegram Bot becomes a wealth-generating machine for the ecosystem
Solana also provides a nurturing ground for a large number of Telegram Bots, benefiting from the booming meme coin ecosystem.
With the growth of DEX trading volume, the total income of Telegram Bot-related protocols reached $82 million, double that of October's total income; accounting for 4.5% of DEX trading volume share, and this proportion is becoming increasingly stable. BullX and Trojan became the top two DApps in this track, with monthly income exceeding $20 million each, totaling nearly $60 million.
Telegram Bot becomes a cash cow in the segmented track
The 'super application' of the Solana ecosystem: JLP of Jupiter becomes the best target
In November, driven by Jupiter's perpetual contracts, its protocol income grew to $17 million. 75% of the perpetual fees were allocated for rewarding JLP LPs, while the remaining 25% was returned to the Jupiter protocol, making JLP a popular investment target for many funds.
As for partners integrated with the JupiterSwap API, their overall protocol income has increased to $153 million this year, with Phantom wallet at the top, achieving an annual income of $91 million; Solflare follows in second with $31 million; and platforms like Birdeye follow closely.
Jupiter 2024 Monthly Income Overview
Overview of Jupiter Swap API Partner Income
Phantom is the biggest winner
Potential sectors of the Solana ecosystem: lending, NFTs, payments, DePIN
In November, the leading lending platform in the Solana ecosystem, Kamino, also performed exceptionally well, with its protocol income breaking new highs, reaching $2.9 million, of which 80% came from lending.
The Solana ecosystem NFT platform Metaplex is a 'low-profile to the point of being invisible' player. As the underlying blockchain protocol for almost all tokens, meme coins, and NFTs on the Solana network, it also set a record high protocol income of $3.4 million in November; its FDV/protocol income ratio dropped from 273 in January to 113 in November, indicating improved project stability and reduced previous 'inflated' figures. Its token MPLX surged over 20% when the Metaplex Foundation announced the launch of the Aura network in September.
In the payments sector, many projects in the Solana ecosystem now seem to be on the 'verge of explosion', among which, the monthly income of the crypto payment company Helio has grown from $43,000 in January to $316,000, an increase of nearly 7 times. This project charges a 2% fee for each transfer payment, and HelioX NFT holders enjoy a 50% discount, with only a 1% fee.
In the DePIN sector, the leading projects of the Solana ecosystem mainly include Render Network, Nosana, Helium, and Hivemapper, with monthly income steadily growing from around $150,000 in January to a total of $669,000 in November, an increase of about 446%. It is worth noting that the income here is calculated based on the destruction value of tokens like RENDER, HONEY, NOS, and is for reference only.
Kamino becomes the leading lending platform
Significant Decrease in Metaplex FDV/Income Ratio
Payment infrastructure is on the verge of explosion
DePIN sector makes steady progress
Conclusion: Solana remains 'one-legged' in the short to medium term, while long-term hopes depend on Trump's favorable policies for the crypto economy.
In the short to medium term, the main income of the Solana ecosystem is still in the DeFi and meme coin sectors. Although the DePIN track, which has always been highly anticipated by the Solana Foundation and Solana community, has had a 'dream start' with the SAGA phone, it has not fully opened up yet; the payment sector is still in its early development stage, and the stablecoin swap pool project Perena, founded by former member of the Solana Foundation Anna Yuan, is expected to bring new changes to the current situation, but it still needs some time to attract more liquidity.
In the long term, the continued development of the Solana ecosystem still relies on a series of crypto-economic benefits launched after Trump officially took office as U.S. President, allowing more funds, capital, and blockchain infrastructure to deeply integrate with the U.S. economy, achieving a win-win in 'ecosystem, token market cap, and token price'.
