As a researcher with years of experience in the crypto space, I must say that the growth of Solana’s DApps, particularly memecoin launchpad Pump.fun, has been nothing short of fascinating. It’s not every day you see a platform surpass $100 million in monthly revenue, despite facing some challenges along the way.
In November, there was a significant increase in the usage of decentralized applications (DApps) on Solana, primarily fueled by the memecoin launchpad Pump.fun and its vibrant Decentralized Finance (DeFi) environment.
According to reports from research platform Syndica, Solana-built Decentralized Applications (DApps) generated a total revenue of approximately $365 million in November. Notably, Pump.fun is the first Solana DApp to exceed $100 million in monthly earnings, based on the data provided.
Pump.fun recorded $106 million in revenue in November
Despite encountering criticism due to the sharing of inappropriate content through its livestreaming feature, Pump.fun still managed to generate an impressive revenue of $106 million in November.
On November 25th, the platform faced criticism following disclosures about users who were accused of either engaging in or threatening to carry out violent acts.
As a result, the meme coin launch platform temporarily stopped broadcasting live streams, assuring users they are working towards establishing a more effective moderation system in the time to come.
After a pause in their livestreams for a week, the platform saw a significant decrease in its weekly earnings, dropping by approximately two-thirds. The revenue generated between November 18th and 24th was $33.83 million, but in the last week of November, it fell to $11.31 million.
Besides Solana’s leading contributor to DApp revenue, the token exploration platform Photon and the decentralized exchange (DEX) Raydium also made significant contributions.
Solana memecoin DApps earns $509 million in 2024
In the realm of decentralized applications on Solana, Memecoin DApps have generated the highest earnings, with Syndica reporting approximately $509 million, surpassing Telegram bots which brought in around $300 million. On the other hand, Spot DEXs have earned a revenue of $141 million so far this year.
Memecoin DApps revenue grew by over 300 times in 2024. In January, memecoin applications in Solana only earned about $600,000 in revenue. In November, the category’s earnings jumped to $183 million.
Approximately 83.7% of the total revenue generated by Solana Decentralized Applications (DApps) in the year 2024 was derived from the DeFi sector, while wallet services contributed about 9.6%. The rest, accounting for approximately 6.5%, came from a mix of infrastructure, non-fungible token transactions, and gaming applications.
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2024-12-19 12:16