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CryptoIntelligence 2024-12-19 19:40:00

Solana DApps Surge in Revenue, Led by Memecoin Platform Pump.fun

Solana DApps Surge in Revenue, Led by Memecoin Platform Pump.fun

Solana’s decentralized applications (DApps) saw significant growth in November, fueled by the success of memecoin launchpad Pump.fun and the blockchain’s decentralized finance (DeFi) ecosystem. According to research platform Syndica, Solana-based DApps generated $365 million in revenue during the month. Notably, Pump.fun became the first Solana DApp to surpass $100 million in monthly revenue, recording $106 million. Pump.fun’s Revenue and Controversy Pump.fun earned $106 million in November despite controversy surrounding inappropriate content shared by its community via a livestreaming feature. On Nov. 25, reports emerged of users allegedly engaging in or threatening acts of violence during livestreams. In response, Pump.fun suspended its livestreaming feature indefinitely and committed to improving moderation systems. Following the suspension, the platform’s weekly revenue dropped sharply, falling 66% from $33.8 million (Nov. 18–24) to $11.3 million in the final week of November. Other significant contributors to Solana’s DApp revenue included token discovery platform Photon and decentralized exchange Raydium. Memecoin DApps Lead Solana Revenue Memecoin DApps were the top revenue earners on Solana in 2024, generating $509 million, according to Syndica. Telegram bots earned $300 million, while spot decentralized exchanges brought in $141 million year-to-date. Revenue from memecoin DApps on Solana grew over 300 times this year, rising from $600,000 in January to $183 million in November. Overall, 83.7% of Solana DApp revenue in 2024 came from DeFi, with wallets accounting for 9.6%. Infrastructure, non-fungible tokens (NFTs), and gaming made up the remaining 6.5%. This growth highlights Solana’s expanding influence in the DApp and DeFi sectors, driven by innovative platforms like Pump.fun despite the challenges they face.

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