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Solana DApp revenue hits $365M in November 2024

Solana DApp revenue hits $365M in November 2024

GrafaGrafa2024/12/20 02:20
By:Mahathir Bayena

Solana’s (CRYPTO:SOL) decentralised applications (DApps) saw a significant revenue surge in November 2024, reaching $365 million, with memecoin launchpad Pump.fun leading the charge.

According to research from Syndica, Solana-based DApps saw substantial growth, with Pump.fun generating $106 million in revenue that month.

Despite facing controversy due to inappropriate content shared via its livestreaming feature, Pump.fun became the first Solana DApp to surpass $100 million in monthly revenue.

The platform was criticised for reports of users allegedly engaging in or threatening violent acts during livestreams, prompting the platform to suspend its livestreaming feature indefinitely and pledge to improve moderation.

After the suspension, Pump.fun’s weekly revenue fell by 66%, from $33.8 million in the final week of November to $11.3 million.

Other key contributors to Solana’s DApp revenue included Photon, a token discovery platform, and Raydium (CRYPTO:RAY), a decentralised exchange (DEX).

Memecoin DApps on Solana have been particularly successful this year, earning a total of $509 million in 2024.

Syndica noted that memecoin DApp revenue had increased over 300 times compared to January, when the category earned around $600,000.

By November, these DApps generated $183 million.

Overall, DeFi applications accounted for 83.7% of all Solana DApp revenue in 2024, while wallets brought in 9.6%.

The remaining 6.5% of revenue came from infrastructure, non-fungible tokens (NFTs), and gaming applications.

At the time of reporting, the price of Solana (SOL) was $194.99.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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