Solana (SOL) DApps Revenue Hits New Record High, Meme Coins and Tools Lead the Charge

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

Solana (SOL) decentralized application revenue hit a record high in November 2024, largely driven by meme coin-related transactions and tools, according to Syndica’s research.

Over $365 million was generated by DApps native to Solana (SOL) during November 2024, marking a new monthly high for the popular layer-1 blockchain network.

Solana’s decentralized finance ecosystem remained the leading port of call for revenue generation. Almost 84% of cash was raised by SOL DeFi last month, while wallets and infrastructure attracted less than 15%.

Within DeFi activity, meme coins and meme-supportive protocols dominated SOL revenue generation. Meme coin DApps saw their monthly revenue increase 305-fold in 2024, raking in over $500 million.

Pump.fun, crypto’s most popular meme token launchpad, led Solana protocol revenue last month with $106 million, a first for the young project.

Meanwhile, Telegram bots solidified their presence within SOL’s ecosystem. The category has amassed the second biggest revenue stream after meme coin DApps, recording over $300 million this year.

Meme traders regularly tap bots like Trojan, Banana Gun, and BONKbot to invest in new trendy launches directly from Pavel Durov’s private messaging platform.

While meme coins and meme coin DApps may be Solana’s main characters, the ecosystem rapidly expanded to include several active players.

Syndica’s research reported a parabolic jump in “high-quality players” within SOL’s ecosystem. Researchers noted an increase in protocols earning over $10,000 to $10 million monthly revenue.

The report also highlighted Solana’s Decentralized Physical Infrastructure as a major sector in the early stages of revenue generation.

DePIN, as crypto natives call it, refers to maintaining and providing real-world services like servers using individual blockchain resources.

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.