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The Coin Rise 2024-12-19 13:40:47

Solana DApp Ecosystem Soars in November with Memecoin Boom: Report

Solana DApp Ecosystem Soars in November with Memecoin Boom: Report

November witnessed a significant boost in Solana decentralized application (DApp) ecosystem, driven by a surge in memecoin activity and the blockchain’s decentralized finance (DeFi) applications. Explosive Growth in Solana DApp Revenue According to Syndica, a research platform focused on blockchain analytics, Solana-based DApps collectively earned $365 million in November. Among these, the memecoin launchpad Pump.fun stole the spotlight by becoming the first Solana DApp to generate over $100 million in monthly revenue. Specifically, Pump.fun raked in a staggering $106 million in November, further cementing Solana’s position as a hub for thriving decentralized applications. Memecoin-related DApps have proven to be the largest revenue generators within Solana’s DApp ecosystem, with a remarkable $509 million earned this year. These applications alone have experienced an explosive 300-fold growth in 2024, with November alone contributing a hefty $183 million to their total. Pump.fun Faces Backlash Despite the financial success, Pump.fun’s rise wasn’t without controversy . On November 25, the platform was embroiled in criticism after disturbing reports emerged of users engaging in or threatening violent acts during livestreams. In response, Pump.fun paused its livestreaming feature indefinitely, pledging to introduce better moderation systems to prevent such incidents in the future. This move, however, led to a sharp decline in the platform’s weekly revenue, which fell by 66% in the final week of November. The weekly earnings dropped from $33.8 million to just $11.3 million after the livestream feature was halted. Despite the revenue drop, Solana’s ecosystem continued to shine with other top-performing DApps such as the token discovery platform Photon and the decentralized exchange (DEX) Raydium, which also contributed heavily to the overall revenue surge. The data indicates that Solana’s DApp sector has been largely fueled by DeFi and memecoin applications, with DeFi alone accounting for 83.7% of the total revenue generated in 2024. Interestingly, memecoin DApps have outpaced traditional DeFi applications in terms of revenue growth. Alongside these, other sectors such as Telegram bots and Spot DEXs have also contributed significantly. With the surge in DApp revenue, Solana has demonstrated not only its ability to attract top-tier projects but also its potential to capitalize on emerging trends, including the memecoin boom. The post Solana DApp Ecosystem Soars in November with Memecoin Boom: Report appeared first on TheCoinrise.com .

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