Solana DApp Revenue Hits New ATH of $365M in November 2024, Meme Coins Dominate

Decentralized application revenue on Solana reached a new record high, mainly generated from meme coin-related transactions and tools.

Decentralized application revenue on Solana hit a new record high in November 2024, largely driven by meme coin-related transactions and tools.

Solana native DApps generated a total of $365 million in revenue during the month, marking a new peak for the layer-1 blockchain network, according to Syndica’s latest report.

Solana’s decentralized finance ecosystem remained the primary driver of revenue generation. DeFi applications on SOL garnered nearly 84% of cash raised last month, while wallets and infrastructure attracted less than 15%.

Within DeFi activity, meme coins and meme-supportive protocols played a dominant role in SOL revenue generation. Meme coin DApps saw a 305-fold increase in monthly revenue throughout 2024, amassing over $500 million.

Pump.fun, a cryptocEenterprise that serves as a launchpad for meme tokens, led Solana protocol revenue last month with $106 million, a first for the young project. Top Solana DApp revenue earners in 2024 | Source: Syndica

Telegram bots also solidified their presence within SOL’s ecosystem. The category amassed the second-largest revenue stream after meme coin DApps, recording over $300 million this year. Meme traders typically use bots like Trojan, Banana Gun, and BONKbot to participate in new trendy launches directly from Pavel Durov’s private messaging platform.

Meme coins and meme coin DApps may be Solana’s main characters, but the ecosystem expanded rapidly to include a diverse range of active players. Syndica’s research highlighted a parabolic jump in “high-quality players” within the SOL ecosystem. Researchers noted an increase in protocols earning over $10,000 to $10 million in monthly revenue.

The report also identified Solana’s Decentralized Physical Infrastructure as a major sector in the early stages of revenue generation. DePIN, as crypto natives like to call it, pertains to maintaining and providing real-world services like servers using blockchain resources.