Solana’s On-Chain Economy Expanded Significantly in Q4, With Total App Revenue Climbing 213% QoQ to $840 Million

Several applications dominated in terms of driving such high revenue growth, with Pump.fun in first at $235 million, a 242% QoQ growth, Photon in second at $140 million, 278% QoQ, then Raydium at $74 million, 268% QoQ, and BullX at $73 million, 260% QoQ.

Solana’s on-chain economy saw significant expansion in Q4, with total app revenue climbing 213% quarter-over-quarter (QoQ) to $840 million. Several applications drove this growth, including Pump.fun ($235 million, 242% QoQ), Photon ($140 million, 278% QoQ), Raydium ($74 million, 268% QoQ), and BullX ($73 million, 260% QoQ).

The network’s DeFi ecosystem also saw tremendous expansion, with Total Value Locked (TVL) rising 64% QoQ to $8.6 billion, making Solana the runner-up DeFi network in terms of TVL. Raydium moved into first position, with its TVL increasing 86% to $2.1 billion and a 24% market share. In a narrow second position, Kamino’s TVL increased 23% to $1.8 billion.

Solana’s DEX marketplace also saw a surge in activity, with its QoQ daily trading in spot rising 150% to $3.3 billion. Raydium led with a 242% increase in trading volume, with a 56% market share. In a close second, Jupiter remained Solana’s most-used trading platform, with 38% of Solana’s Q4 trading in DEX, and perps trading increased 73%, with an 81% market share at quarter’s end.

Stablecoin market capitalization in Solana grew 36% QoQ to $5.1 billion, ranking it as the fifth-largest stablecoin network. Among stables, USDC maintained its dominance with a 75% market share, growing 53% QoQ to $3.9 billion. In second position with an 18% market share, USDT grew 20% to $912 million.

The overall activity in the network experienced a strong boost, with fee payers and non-vote transactions growing in a big manner. The fee payers averaged 171% QoQ to 5.1 million, and transaction fees increased 122% to an average of $0.05 per transaction. With these occurrences, Solana’s value rose 27% QoQ to $91 billion, seeing a peak of $120 billion in November, and at rank six in all cryptocurrencies.