Solana Decentralized Application Revenue Hits Record High
Decentralized application revenue on the Solana blockchain has reached a new record high, driven primarily by meme coin-related transactions and tools. According to recent research, Solanaβs native decentralized applications (DApps) generated $365 million in revenue during November 2024, marking a new monthly high for the popular layer-1 blockchain network.
Decentralized Finance Ecosystem Leads Revenue Generation
Solanaβs decentralized finance ecosystem was the leading contributor to revenue, with SOL DeFi comprising almost 84% of the total cash raised last month. In contrast, wallets and infrastructure attracted less than 15% of the revenue.
Meme Coins and Meme-Supportive Protocols Dominate SOL Revenue
Among DeFi activity, meme coins and meme-supportive protocols dominated SOL revenue. Meme coin DApps saw a significant surge in monthly revenue, increasing 305-fold in 2024 to rake in over $500 million. Pump.fun, a popular meme token launch pad, led Solana protocol revenue last month with $106 million, marking a first for the young project.
Top Solana DApp revenue earners in 2024 include:
- Pump.fun ($106 million)
- Other notable meme coin DApps
Telegram Bots and Meme Traders Drive Revenue
Telegram bots have solidified their presence within SOLβs ecosystem, amassing the second-largest revenue stream after meme coin DApps. The category has recorded over $300 million in revenue this year, with meme traders regularly using bots like Trojan, Banana Gun, and BONKbot to invest in new trendy launches directly from the private messaging platform.
Solana Ecosystem Expands with Active Players
While meme coins and meme coin DApps are the main characters in Solanaβs ecosystem, the network has rapidly expanded to include several active players. Research has reported a parabolic jump in βhigh-quality playersβ within SOLβs ecosystem, with an increase in protocols earning over $10,000 to $10 million in monthly revenue.
Decentralized Physical Infrastructure (DePIN) Emerges as a Major Sector
The report highlights SOLβs Decentralized Physical Infrastructure (DePIN) as a major sector in the early stages of revenue generation. DePIN refers to maintaining and providing real-world services like servers using individual blockchain resources. Protocols such as Render, Nosana, Helium, and Hivemapper have seen strong demand for their services, driving notable revenue growth. Renderβs decentralized compute network is currently the largest revenue driver in the DePIN sector.
To stay up-to-date with the latest developments in the world of cryptocurrencies and blockchain, visit Global Crypto News for more news and insights.