Solana DApp revenue reaches $365M in November 2024, driven by memecoins
Solana's decentralized applications (DApps) powered by the memecoin launchpad Pump.fun and the blockchain decentralized finance (deFi) ecosystem were added in November.
Research platform Syndica reported that Solana-based DApps had $365 million in revenue in November. Pump.fun became the first Solana dapp to surpass $100 million in monthly revenue.
Solana DApps Revenue by 2024. Source: Syndica
Pump.fun recorded $106 million in revenue in November
In November, Pump.fun raised $106 million, despite facing backlash over inappropriate content shared by the community through its live streaming feature.
On November 25, the platform was criticized after reports surfaced of users committing or threatening violent acts.
In response, the memecoin launchpad has suspended its live streaming feature indefinitely, promising to work to implement a better moderation system.
A week after the platform stopped live streaming, its weekly revenue dropped 66 percent, from $33.8 million between November 18 and 24 to $11.3 million in the last week of November.
Other major contributors to Solana's DApp revenue include token discovery platform Photon and decentralized exchange (DEX) Radium.
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Solana memecoin DApps will earn 509 million dollars by 2024
Memecoin DApps have earned the highest revenue this year in the Decentralized App category on Solana. Syndica said memecoin DApps earned $509 million, while Telegram bots earned $300 million. Meanwhile, Spot DEXs earned $141 million in year-to-date revenue.
Solana memecoin DApps has reached $509 million in year-to-date revenue. Source: Syndica
Memecoin DApps revenue grows more than 300 times by 2024. In January, memecoin applications in Solana generated about $600,000 in revenue. The category's revenue rose to $183 million in November.
Overall, 83.7% of all Solana dapp revenue in 2024 will come from DeFi, with wallets accounting for 9.6%. The remaining 6.5% comes from infrastructure, utility tokens and gaming applications.
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