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3 Reasons Why Solana DApp Revenue Climbs to $365M in November 2024
Solana’s decentralized applications (DApps) revenue hits a new milestone, contributed by the surge in meme coin-related activity and other factors. During November 2024, the network clocked a staggering $365 million in revenue, as per the latest report.
Meme coin launchpad Pump.fun alone contributed $100 million in revenue. The Solana network has continued to smash new records amid high demand within the blockchain industry, while SOL price flirts around the crucial support of $210.
3 Reasons Contributing to Solana DApp Revenue
The latest Syndica research report revealed that Solana Dapps’ revenue in November last month surged to $365 million, hitting fresh record highs. Solana’s decentralized finance (DeFi) ecosystem dominated revenue generation last month, accounting for nearly 84% of the total funds raised. In contrast, wallets and infrastructure collectively drew less than 15% of the month’s revenue.
Solana-Based Meme Coins Driving DeFi Activity
Several meme coins and meme-supportive protocols are driving the DeFi activity on the Solana blockchain thereby contributing to the surge in SOL revenue. In 2024, revenue from meme coin Solana DApps surged a massive 305x while raking in more than $509 million.
As reported, the most popular meme coin launchpad platform Pump.fun topped Solana protocol revenue last month with $106 million. Last month in November, Pump.fun faced major hate over allegations of supporting acts of violence. However, the platform was quick to address this issue.
The meme coin launchpad has indefinitely suspended its live streaming feature, vowing to develop a more effective moderation system moving forward.
Telegram Bots Boost Their Presence in SOL Ecosystem
As per the Syndica report, Telegram bots are also establishing a strong presence in the Solana ecosystem. After the meme coin Solana DApps, they contribute the second-largest revenue for the ecosystem, with over $300 million in earnings this year.
Meme traders frequently use bots like Trojan, Banana Gun, and BONKbot to invest in the latest trendy launches directly through Pavel Durov’s private messaging platform. The report notes:
“Telegram bots are here to stay, growing alongside DEX volume. Last month, the category generated $82M in revenue, doubling its previous peak of $41M. Telegram bot DEX volume share has stabilized at 4–5% in recent month”.
Other Protocols Contributing to Revenue Surge
Researchers at Syndica also noted the surge in protocols generating monthly revenues ranging from $10,000 to $10 million. The report also shows that Solana’s Decentralized Physical Infrastructure Network (DePIN) as a key emerging sector in revenue generation. Another report from Messari also predicts explosive growth for Solana in 2025.
DePIN involves utilizing blockchain resources to support and maintain real-world services, such as servers, a concept gaining traction among crypto enthusiasts. It noted:
“Protocols such as Render, Nosana, Helium, and Hivemapper have recently seen strong demand for their services, driving notable revenue growth. Render’s decentralized compute network is currently the largest revenue driver in the DePIN sector”.
SOL Price Action Ahead
Amid the rising Solana DApp revenue, SOL price hit a high of $263 last month. Ar present, it has been moving sideways and currently consolidating around $210. A crypto analyst noted that it is important for the Solana price to hold above the $200 psychological level. The analyst suggests caution and advises waiting to see if this support level will hold.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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