3 Reasons Why Solana DApp Revenue Climbs to $365M in November 2024

Solana’s decentralized applications (DApps) revenue hits a new milestone, contributed by the surge in meme coin-related activity and other factors. During November 2024, the network clocked a staggering $365 million in revenue, as per the latest report.

The most outstanding example of a dApp running on Solana is undoubtedly Pump.Fun, having pocketed $106 million in revenue over the last month despite recent turmoil.

Other notable contributors to the chain’s revenue include token research platform Photon and the more familiar decentralized exchange Raydium. These dApps also continue to play an outsized role in driving growth and activity on the Solana network.

3 Reasons Contributing to Solana DApp Revenue

The latest Syndica research report revealed that Solana Dapps’ revenue in November last month surged to $365 million, hitting fresh record highs. Solana’s decentralized finance (DeFi) ecosystem dominated revenue generation last month, accounting for nearly 84% of the total funds raised. In contrast, wallets and infrastructure collectively drew less than 15% of the month’s revenue.

Solana-Based Meme Coins Driving DeFi Activity

Several meme coins and meme-supportive protocols are driving the DeFi activity on the Solana blockchain thereby contributing to the surge in SOL revenue. In 2024, revenue from meme coin Solana DApps surged a massive 305x while raking in more than $509 million.

As reported, the most popular meme coin launchpad platform Pump.fun topped Solana protocol revenue last month with $106 million. Last month in November, Pump.fun faced major hate over allegations of supporting acts of violence. However, the platform was quick to address this issue.

This prompted the platform to indefinitely suspend livestreaming and pledge to implement stricter moderation measures to prevent similar incidents moving forward.

The impact was swift: Pump.fun’s weekly revenue saw a 66% decline following the suspension of livestreaming.

Pump.fun is a Solana-based meme-coin launchpad that has recently restricted access to UK users after a warning from the Financial Conduct Authority. It had been operating without permission to offer or promote financial services. Solana-based meme coins, such as Bonk and DogWifHat (WIF), have also fallen along with the broader market decline. It’s not clear how much Pump.fun’s closure affected the prices of these coins.

Telegram Bots Boost Their Presence in SOL Ecosystem

As per the Syndica report, Telegram bots are also establishing a strong presence in the Solana ecosystem. After the meme coin Solana DApps, they contribute the second-largest revenue for the ecosystem, with over $300 million in earnings this year.

Meme traders frequently use bots like Trojan, Banana Gun, and BONKbot to invest in the latest trendy launches directly through Pavel Durov’s private messaging platform. The report notes:

“Telegram bots are here to stay, growing alongside DEX volume. Last month, the category generated $82M in revenue, doubling its previous peak of $41M. Telegram bot DEX volume share has stabilized at 4–5% in recent month”.

Other Protocols Contributing to Revenue Surge

Researchers at Syndica also noted the surge in protocols generating monthly revenues ranging from $10,000 to $10 million. The report also shows that Solana’s Decentralized Physical Infrastructure Network (DePIN) as a key emerging sector in revenue generation. Another report from Messari also predicts explosive growth for Solana in 2025.

DePIN involves utilizing blockchain resources to support and maintain real-world services, such as servers, a concept gaining traction among crypto enthusiasts. It noted:

“Protocols such as Render, Nosana, Helium, and Hivemapper have recently seen strong demand for their services, driving notable revenue growth. Render’s decentralized compute network is currently the largest revenue driver in the DePIN sector”.

SOL Price Action Ahead

Amid the rising Solana DApp revenue, SOL price hit a high of $263 last month. Ar present, it has been moving sideways and currently consolidating around $210. A crypto analyst noted that it is important for the Solana price to hold above the $200 psychological level. The analyst suggests caution and advises waiting to see if this support level will hold.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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