The Solana ecosystem continues to grow rapidly, reaching a new record level of revenue from decentralized applications (DApps) in November 2024. The success is primarily driven by transactions related to meme coins and tools.
Record DApp Revenue on Solana
According to research by Syndica, Solana native DApps garnered $365 million in revenue during November 2024, setting a new monthly record for this layer-1 blockchain network. Solana's decentralized finance (DeFi) sector has been the leading source of revenue, with nearly 84% of funds raised, whereas wallets and infrastructure attracted less than 15%.
Impact of Meme Coins
Among DeFi activities, meme coins and supportive protocols dominated the revenue for SOL. The monthly revenue surged 305-fold in 2024, raking in over $500 million. Pump.fun led Solana protocol revenues last month with $106 million, marking a first for this young project.
Expansion of Solana Ecosystem
While meme coins are significant, Solana's ecosystem is rapidly expanding to include several active players. Syndica's research reported a parabolic jump in high-quality players within the SOL ecosystem, with protocols earning $10,000 to $10 million in monthly revenue. The report also highlighted Solana's Decentralized Physical Infrastructure (DePIN) as a major early stage revenue sector, where Render's decentralized compute network currently leads.
Solana's ecosystem is demonstrating dynamic growth, and its successful annual contribution to the blockchain platform marks a significant increase in interest towards decentralized financial products. The trends noted in the research suggest continued impact on the market in the future.
