Meme Coins Propel Solana DApp Revenue to Record $365 Million

Solana’s decentralized application (DApp) ecosystem achieved a milestone in November 2024, generating $365 million in revenue, according to research from Syndica. This marks the highest monthly revenue for the layer-1 blockchain, driven primarily by meme coin-related activity and tools.
DeFi Takes the Lead in Solana Revenue
The decentralized finance (DeFi) sector was the dominant contributor to Solana’s record-breaking performance, accounting for nearly 84% of total revenue. In contrast, wallets and infrastructure services generated less than 15% of the total.
Within the DeFi space, meme coin DApps emerged as the top revenue drivers. The sector experienced explosive growth in 2024, with revenue surging 305-fold to surpass $500 million. Notably, Pump.fun, a leading meme token launchpad, generated $106 million in revenue during November, making it the top Solana protocol for the month.
Telegram Bots Strengthen Solana’s Ecosystem
Telegram bots have solidified their position as a vital component of Solana’s ecosystem, ranking as the second-largest revenue source after meme coin DApps. These bots, including Trojan, Banana Gun, and BONKbot, have collectively generated over $300 million in revenue this year. Meme traders frequently utilize these tools to participate in trendy token launches directly through Telegram, further boosting Solana’s ecosystem activity.
Expansion of Solana’s Ecosystem
While meme coins and related DApps have taken center stage, Solana’s ecosystem continues to expand with several active and high-revenue players. Syndica’s research highlighted a significant rise in protocols earning between $10,000 and $10 million in monthly revenue, showcasing the ecosystem’s growing diversity.
One emerging sector within Solana is Decentralized Physical Infrastructure Networks (DePIN), which focuses on providing real-world services through blockchain-based resources. Though still in its early stages, DePIN has shown promising potential for revenue generation and ecosystem growth.
A New Chapter for Solana
The November revenue milestone underscores Solana’s ability to attract and retain innovative projects, with meme coins playing a pivotal role in its success. As the ecosystem diversifies and explores new sectors like DePIN, Solana’s position as a leading blockchain network continues to strengthen.
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