Original｜Odaily Planet Daily (@OdailyChina)
Author: Wenser (@wenser 2010 )
The crypto market has seen a general pullback in recent days, but the Solana ecosystem still performed extremely well last month and is expected to quickly recover prices and continue the ecological bull market.
According to statistics, in November 2024, Solana native DApps earned $365 million in revenue, a monthly record high; nearly 84% of the revenue came from the DeFi ecosystem, and wallets and infrastructure accounted for less than 15%. In addition, 20 Solana DApps had monthly revenues of more than $1 million, and pump.fun became "the first Solana protocol in history to have monthly revenues of more than $100 million." Odaily Planet Daily will combine Syndica's relevant reports to sort out the performance of the Solana ecosystem in November in this article for readers' reference.
Solana: Ecosystem and Protocol Revenues Both Hit New Highs
According to statistics, in November, Solana's ecosystem revenue and DApps revenue reached $92 million and $365 million respectively, both setting new "highs for the year". The former was only $6 million at the beginning of the year, an increase of 15 times; the latter was only $26 million at the beginning of the year, an increase of 14 times.
It is worth mentioning that 50% of the Solana ecosystem’s revenue is mainly used for the repurchase and destruction of SOL tokens; DApps revenue statistics mainly come from head protocol data, which is an incomplete statistics.
At the same time, according to Coingecko data, the price of SOL was only around US$101 at the beginning of the year. It had previously broken through a new high of US$263 on November 23, and has now fallen back to around US$188. The annual increase remains at around 88%.
Solana Ecosystem and DApps Revenue Chart
Solana Ecosystem Protocol: pump.fun stands out, with 10 protocols generating over 10 million in monthly revenue
Another example of the rapid development of the Solana ecosystem is the number of protocols with impressive revenue. Among them, 41 protocols had monthly revenue exceeding US$100,000 in November; 20 protocols had monthly revenue exceeding US$1 million; 10 protocols had monthly revenue exceeding US$10 million; and only one protocol, pump.fun, had monthly revenue exceeding US$100 million.
According to Syndica statistics, pump.fun ranked first in Solana protocol revenue in November with $106 million in revenue, thus winning the title of "Solana ecosystem protocol with revenue exceeding $100 million in the first month"; other top-ranked Dapps include Photon, Raydium, BullX, Trojan, BONKbot, Phantom, Jupiter and other DEX, Telegram Bot, wallet and other infrastructure projects.
Solana Ecosystem Dapps Monthly Revenue Segment Statistics
Top 8 data by agreement income
Main reasons for Solana’s growth: DeFi sector is king, Meme ecosystem surges more than 300 times
According to statistics, 83.7% of Solana ecosystem protocol revenue comes from the DeFi sector; in contrast, wallet-related protocol revenue accounts for 9.6%; infrastructure project revenue accounts for 3.4%; NFTs sector revenue accounts for only 2.2%; the game sector revenue accounts for even less, only 0.9%; the smallest is the payment sector and DePIN sector, accounting for less than 1%.
From another perspective, there is still a lot of market space in the Solana ecosystem, and there is great potential in the gaming, payment, and DePIN sectors.
In the DeFi sector dominated by the Solana ecosystem, Meme coins and protocols supporting Meme coins account for the largest share of revenue, with annual revenue of $509 million; followed by the Telegram Bot sector, with annual revenue of $300 million; and spot DEX ranked third with annual revenue of $141 million. It is worth mentioning that the monthly revenue of Meme coin-related DApps increased from $600,000 in January to $183 million in November, a growth multiple of 305 times, which can be called an "industry wonder."
In addition, thanks to pump.fun, Raydium has also become the "biggest beneficiary" of this sector. In November, the platform's monthly revenue reached 32 million US dollars, far exceeding Orca and Lifinity, equivalent to 8 times the monthly revenue of Orca; equivalent to 32 times the monthly revenue of Lifinity. In addition, since April, the ratio of FDV of DEX tokens to monthly revenue of the protocol has gradually stabilized, gradually maintaining in the range of 85% ± 10%.
Thanks to the good performance of the project, Raydium repurchased a total of 5.4 million RAY in November, worth up to US$28 million, for distribution to pledgers.
Solana Ecosystem Revenue Proportion Statistics
Meme coin-related DApps dominate the market
Meme coin-related DApps have increased dramatically
Raydium leads the spot DEX track
RAY token holders enjoy Raydium spillover effect
A niche track with unlimited potential: Telegram Bot becomes an ecosystem wealth-making machine
Also benefiting from the booming Meme coin ecosystem, Solana has provided a fertile ground for the growth of a large number of Telegram Bots.
With the growth of DEX trading volume, the total revenue of Telegram Bot-related protocols reached 82 million US dollars, which is twice the total revenue in October; accounting for 4.5% of the DEX trading volume, and this proportion is becoming more and more stable. BullX and Trojan have become the top two DApps in this track, with monthly revenues exceeding 20 million US dollars and total revenues approaching 60 million US dollars.
Telegram Bot becomes a money-making powerhouse in niche markets
Solana Ecosystem’s “Super App”: Jupiter’s JLP Becomes the Best Target
In November, driven by Jupiter perpetual contracts, its protocol revenue grew to $17 million. 75% of the perpetual fees are allocated to reward JLP LPs, and the remaining 25% is returned to the Jupiter protocol. As a result, JLP has become a popular investment target for a lot of funds.
As for partners who have integrated the Jupiter Swap API, their overall protocol revenue has grown to US$153 million this year, among which Phantom Wallet ranks first with annual revenue of US$91 million; Solflare ranks second with US$31 million in revenue; and aggregation platforms such as Birdeye follow closely behind.
Jupiter 2024 Monthly Income at a Glance
Jupiter Swap API Partner Revenue at a Glance
Phantom is the biggest winner
Solana Ecosystem Potential Sectors: Lending, NFT, Payment, DePIN
In November, Kamino, the leading lending platform in the Solana ecosystem, also performed extremely well, with its protocol revenue breaking a new high of US$2.9 million, of which 80% came from lending.
Solana ecosystem NFT platform Metaplex is a "low-key and almost 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 revenue in November, reaching $3.4 million; and its FDV/protocol revenue ratio also dropped from 273 in January to 113 in November. The stability of the project operation has improved a lot, and it has lost some of its previous "false fat". Its token MPLX once rose by more than 20% because the Metaplex Foundation announced the launch of the Aura network in September.
In the payment sector, many projects in the Solana ecosystem now seem to be on the eve of an explosion. Among them, the monthly revenue of the crypto payment company Helio has increased from $43,000 in January to $316,000, an increase of nearly 7 times. The project charges a 2% handling fee for each transfer payment. HelioX NFT holders enjoy a 50% discount and only need to pay a 1% handling fee.
In the DePIN sector, the top projects of the Solana ecosystem mainly include Render Network, Nosana, Helium, and Hivemapper. The monthly income of the four projects has steadily increased from about $150,000 in January, and the total income in November reached $669,000, an increase of about 446%. It is worth noting that the income calculation here is based on the destruction value of RENDER, HONEY, NOS and other tokens, for reference only.
Kamino becomes the leading lending platform
Metaplex FDV/Revenue Ratio Declines Significantly
Payment infrastructure is on the eve of an explosion
DePIN sector is stable and making progress
Conclusion: Solana is still "walking on one leg" in the short and medium term, and hopes for Trump's favorable crypto economy in the long term
In the short and medium term, the bulk of Solana ecosystem revenue still comes from the DeFi and Meme coin sectors. The DePIN track, which has always been highly anticipated by the Solana Foundation and the Solana community, has not yet fully opened up despite the "dream start" of the SAGA mobile phone; the payment sector is in the early stages of development. Perena, a stablecoin exchange pool project founded by Anna Yuan, a former member of the Solana Foundation, is expected to bring new changes to the current situation, but it will still take some time to attract more liquidity.
In the long run, the continued development of the Solana ecosystem still depends on a series of crypto-economy-related benefits launched by Trump after he officially takes office as US President, allowing more funds, capital and blockchain infrastructure construction to be deeply integrated with the US economy, achieving a win-win situation of "ecology, token market value, and token price."
