Solana DApp revenue reaches $365M in November 2024, led by memecoins

Solana’s decentralized applications (DApps) surged in November, driven by memecoin launchpad Pump.fun and the blockchain’s decentralized finance (DeFi) ecosystem.

Research platform Syndica reported that Solana-based DApps had revenues of $365 million in November. Pump.fun became the first Solana DApp to surpass $100 million in monthly revenue, according to the data.

Solana DApps revenue in 2024. Source: Syndica

Pump.fun recorded $106 million in revenue in November

Pump.fun earned $106 million in November, despite facing backlash over inappropriate content shared by its community via a livestreaming feature.

On Nov. 25, the platform was criticized after reports surfaced of users allegedly performing or threatening acts of violence. 

In response, the memecoin launchpad halted its livestreaming feature indefinitely, promising to work toward implementing a better system of moderation. 

A week after the platform halted its livestreams, its weekly revenue dropped by 66%, from $33.8 million between Nov. 18 and 24 to $11.3 million in the last week of November. 

Other top contributors to Solana’s DApp revenue included the token discovery platform Photon and the decentralized exchange (DEX) Raydium.

Related: Solana overthrows Ethereum’s 8-year reign as top ecosystem for new devs

Solana memecoin DApps earns $509 million in 2024

Memecoin DApps have earned the most revenue this year among decentralized app categories on Solana. Syndica said memecoin DApps had earned $509 million, and Telegram bots $300 million. Meanwhile, Spot DEXs have received $141 million in revenue year-to-date.  

Solana memecoin DApps reached $509 million in revenue year-to-date. Source: Syndica

Memecoin DApps revenue grew by over 300 times in 2024. In January, memecoin applications in Solana earned about $600,000 in revenue. In November, the category’s earnings jumped to $183 million.

Overall, 83.7% of all Solana DApp revenue in 2024 originated from DeFi, with wallets accounting for 9.6%. The remaining 6.5% came from infrastructure, non-fungible tokens and gaming applications.

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