Solana DApp Revenue Reaches $365 Million in November 2024, Driven by Memecoins
In November 2024, the ecosystem of Solana‘s decentralized applications (DApps) achieved an impressive milestone: a total revenue of $365 million. This growth was primarily driven by memecoin platforms like Pump.fun and Solana‘s broader Decentralized Finance (DeFi) sector.
The memecoin launchpad Pump.fun made history as the first Solana DApp to generate more than $100 million in monthly revenue, despite challenges surrounding moderation and user behavior.
The impact of this decision was quickly felt: Pump.fun‘s weekly revenue dropped by 66% in the last week of November, from $33.8 million to $11.3 million. Despite this decline, the platform remains a significant player in Solana‘s ecosystem, alongside other prominent DApps such as Photon and the decentralized exchange Raydium.
Telegram bots also contributed to the growth, with total revenue of $300 million in 2024. Spot DEXs like Raydium collectively generated $141 million. Across the entire Solana ecosystem, 83.7% of revenue came from DeFi applications, while wallets accounted for 9.6%. The remaining 6.5% was generated by infrastructure, non-fungible tokens (NFTs), and gaming DApps.
The memecoin launchpad Pump.fun made history as the first Solana DApp to generate more than $100 million in monthly revenue, despite challenges surrounding moderation and user behavior.
Pump.fun Earns $106 Million Despite Controversies
Pump.fun recorded $106 million in revenue in November but also faced scrutiny due to concerns over inappropriate content shared via its livestream feature. Following reports of troubling behavior from some users, the platform temporarily disabled this feature on November 25. It committed to implementing stricter moderation measures to ensure a safer user environment.The impact of this decision was quickly felt: Pump.fun‘s weekly revenue dropped by 66% in the last week of November, from $33.8 million to $11.3 million. Despite this decline, the platform remains a significant player in Solana‘s ecosystem, alongside other prominent DApps such as Photon and the decentralized exchange Raydium.
Memecoins Dominate Solana Revenue in 2024
Memecoin applications emerged as the largest revenue source within the Solana ecosystem in 2024, with total earnings of $509 million to date. November was particularly notable, with the category generating $183 million—a massive leap compared to the $600,000 in revenue recorded in January.Telegram bots also contributed to the growth, with total revenue of $300 million in 2024. Spot DEXs like Raydium collectively generated $141 million. Across the entire Solana ecosystem, 83.7% of revenue came from DeFi applications, while wallets accounted for 9.6%. The remaining 6.5% was generated by infrastructure, non-fungible tokens (NFTs), and gaming DApps.