Meme coins drive Solana DApp revenue to $365m record

Decentralized application revenue on Solana reached a new record high, driven primarily by meme money-related transactions and tools.

According to Syndica’s research, Solana (SOL) native DApps generated $365 million in revenue in November 2024; This is a new monthly high for the popular layer-1 blockchain network.

Solana’s decentralized finance ecosystem was the leading point of call for revenue. SOL DeFi accounted for almost 84% of cash raised last month; wallets and infrastructure attracted less than 15%.

Among DeFi activities, meme coins and meme supporting protocols dominated SOL revenue. Meme coin DApp’s monthly revenue increased 305 times to over $500 million in 2024. Cryptocurrency’s most popular meme token launch pad, Pump.fun, led the Solana protocol revenue with $106 million last month, a first for the young project.

Top revenue earners from Solana DApp in 2024 | Source: Syndica

Telegram bots have strengthened their presence in the SOL ecosystem. The category recorded over $300 million this year, the second largest revenue stream after meme coin DApps. Meme traders regularly turn to bots like Trojan, Banana Gun, and BONKbot to invest in newfangled launches directly from Pavel Durov’s private messaging platform.

Meme coins and meme coin DApps may be Solana’s main characters, but the ecosystem has rapidly expanded to include several active players. Syndica’s research reported a parabolic jump in “high-quality players” in the SOL ecosystem. Researchers noted an increase in protocols generating revenues from $10,000 to $10 million per month.

The report highlighted SOL’s Decentralized Physical Infrastructure as an important sector in the early stages of revenue generation. DePIN, as crypto natives call it, means maintaining and providing real-world services such as servers using individual blockchain resources.

Protocols such as Render, Nosana, Helium, and Hivemapper have seen strong demand for their services recently, resulting in significant revenue growth. Render’s decentralized computing network is currently the largest revenue driver in the DePIN industry.

union report