Author: Wenser, Odaily Planet Daily
In recent days, the crypto market has experienced a general correction, but the Solana ecosystem performed exceptionally well last month, likely to rapidly recover prices and continue the ecosystem bull market.
According to statistics, in November 2024, Solana's native DApps generated $365 million in revenue, setting a monthly record; nearly 84% of the revenue came from the DeFi ecosystem, with wallets and infrastructure accounting for less than 15%. Additionally, 20 Solana DApps had monthly revenues exceeding $1 million, with pump.fun becoming the 'first Solana protocol ever to exceed $100 million in monthly revenue.' Odaily Planet Daily will combine relevant reports from Syndica to summarize the performance of the Solana ecosystem in November for readers' reference.
Analysis of Solana: Ecosystem Revenue and Protocol Revenue Both Set New Highs
According to statistics, in November, Solana ecosystem revenue and DApps revenue reached $92 million and $365 million, respectively, both hitting 'new highs for the year.' The former was only $6 million at the beginning of the year, growing 15-fold; the latter was only $26 million at the beginning of the year, growing 14-fold.
It is worth mentioning that 50% of Solana ecosystem revenue is primarily used for SOL token buybacks and burns; DApps revenue statistics mainly come from top protocol data and are not exhaustive.
At the same time, according to Coingecko data, the price of SOL at the beginning of the year was only around $101, previously breaking through a new high of $263 on November 23, and currently falling back to around $188, maintaining an annual increase of about 88%.
Solana Ecosystem and DApps Revenue Chart
Solana Ecosystem Protocol: pump.fun Stands Out, with 10 Protocols Having Monthly Revenue Exceeding $10 Million
Another example of the rapid development of the Solana ecosystem is the impressive number of protocols with significant revenue. In November, there were 41 protocols with monthly revenues exceeding $100,000; 20 protocols exceeding $1,000,000; 10 protocols exceeding $10,000,000; and only pump.fun with a monthly revenue exceeding $100,000,000.
According to Syndica statistics, pump.fun ranked first in November with $106 million in revenue among Solana protocols, earning the title of 'first Solana protocol with monthly revenue exceeding $100 million'; other top DApps include Photon, Raydium, BullX, Trojan, BONKbot, Phantom, Jupiter, and other DEX, Telegram Bot, and wallet infrastructure projects.
Solana Ecosystem Dapps Monthly Revenue Distribution Statistics
Top 8 Protocol Revenue Ranking Data
Main Reasons for Solana's Growth: DeFi Sector is King, Meme Ecosystem Soars Over 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%; gaming sector revenue is even less, only 0.9%; and the least are the payments and DePIN sectors, which account for less than 1%.
From another perspective, there is still a significant market space in the Solana ecosystem, especially in gaming, payments, and DePIN sectors.
In the DeFi sector, which dominates the Solana ecosystem, meme coins and protocols supporting meme coins account for the largest share of revenue, with annual revenue reaching $509 million; closely followed by the Telegram Bot sector, with annual revenue of $300 million; and spot DEX ranking third, with annual revenue of $141 million. Notably, the monthly revenue of meme coin-related DApps increased from $600,000 in January to $18.3 million in November, achieving an astonishing growth multiple of 305 times, making it a 'miracle in the industry.'
Additionally, thanks to the boost from pump.fun, Raydium also became the 'biggest beneficiary' in this sector, with the platform's monthly revenue reaching $32 million in November, far exceeding Orca and Lifinity, equivalent to 8 times Orca's monthly revenue and 32 times Lifinity's monthly revenue. Furthermore, since April, the FDV of DEX tokens and the protocol's monthly revenue ratio has gradually stabilized, maintaining within 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 as much as $28 million, for distribution to stakers.
Statistics on Revenue Share of Solana Ecosystem Sectors
Meme Coin-Related DApps Dominate
Meme Coin-Related DApps Show Incredible Growth
Raydium Leads the Spot DEX Track
RAY Token Holders Enjoy Raydium's Overflow Effect
Endless Potential in the Subsector: Telegram Bot Becomes a Wealth Creation Machine for the Ecosystem
Similarly benefiting from the thriving meme coin ecosystem, Solana has provided fertile ground for a large number of Telegram Bots to grow.
With the increase in DEX trading volume, the overall revenue of Telegram Bot-related protocols reached $82 million, double that of October's total revenue; it accounted for 4.5% of DEX trading volume share, and this share is becoming increasingly stable. BullX and Trojan became the top two DApps in this sector, both with monthly revenues exceeding $20 million, with a combined revenue close to $60 million.
Telegram Bot Becomes a Money-Making Machine in the Subsector
The 'Super App' of the Solana Ecosystem: Jupiter's JLP Becomes the Best Candidate
In November, driven by the Jupiter perpetual contract, its protocol revenue grew to $17 million. 75% of the perpetual fees are allocated to reward JLP LPs, while the remaining 25% is returned to the Jupiter protocol, making JLP a popular investment target for many funds.
As for partners integrating the Jupiter Swap API, their overall protocol revenue has grown to $153 million this year, with Phantom wallet leading the way with an annual revenue of $91 million; Solflare comes in second with $31 million; and aggregate platforms like Birdeye follow closely.
Overview of Jupiter's Monthly Revenue in 2024
Overview of Jupiter Swap API Partner Revenue
Phantom Emerges as the Biggest Winner
Potential Sectors of the Solana Ecosystem: Lending, NFTs, Payments, DePIN
In November, Kamino, the leading lending platform in the Solana ecosystem, also performed outstandingly, with its protocol revenue exceeding a new high of $2.9 million, with 80% of the revenue coming from lending.
Metaplex, the NFT platform of the Solana ecosystem, is a 'low-profile player that is almost invisible.' As the underlying blockchain protocol for nearly all tokens, meme coins, and NFTs on the Solana network, it also set a record for protocol revenue in November, reaching $3.4 million; and its FDV/protocol revenue ratio also decreased from 273 in January to 113 in November, indicating improved operational stability and reducing some of the previous 'overvaluation.' Its token MPLX once surged over 20% due to the Metaplex Foundation's announcement of launching the Aura network in September.
In the payments sector, many projects in the Solana ecosystem now seem to be on the 'eve of explosion,' among which, the monthly revenue of the crypto payment company Helio has grown from $43,000 in January to $316,000, nearly a 7-fold increase. The project charges a 2% fee for each transaction, while HelioX NFT holders enjoy a 50% discount, paying only a 1% fee.
In the DePIN sector, the leading projects in the Solana ecosystem include Render Network, Nosana, Helium, and Hivemapper, with the monthly revenue of these four projects steadily increasing from around $150,000 in January to a total revenue of $669,000 in November, an increase of about 446%. It is worth noting that the revenue 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
Metaplex FDV/Revenue Ratio Significantly Decreases
Payment Infrastructure is on the Eve of Explosion
DePIN Sector Steady Progress
Conclusion: Solana is still 'walking on one leg' in the short to medium term, with hopes for long-term benefits from Trump's favorable crypto-economic policies.
In the short to medium term, the main source of revenue in the Solana ecosystem still lies in the DeFi and meme coin sectors. Although the DePIN sector has had a 'dream start' with the SAGA phone, it has not yet fully opened up; the payments sector is still in the early stages of development, and the stablecoin exchange pool project Perena, founded by former members of the Solana Foundation, 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 favorable crypto-economic policies introduced after Trump officially takes office as President of the United States, allowing more funds, capital, and blockchain infrastructure to deeply integrate with the U.S. economy, achieving a win-win situation for 'ecosystem, token market value, and token price.'
