Solana’s decentralized applications (DApps) reached a combined revenue of $365 million in November 2024, with meme coin platforms driving growth.
Research from Syndica revealed that meme coins have been the largest contributor to Solana’s revenue, led by Pump.fun, which recorded $106 million in November alone.
Despite controversies, Pump.fun is the first Solana DApp to generate over $100 million monthly revenue. Its dominance highlights the significant role of meme coins in the ecosystem.
Pump.fun and Meme coin Ecosystem Growth
The $106 million earned by Pump.fun in November was significant for the ecosystem. However, improper user content on its live-streaming features caused many to criticize the platform.
Reports of users threatening violence appeared on Nov. 25, which led Pump.fun to stop the feature indefinitely while developing improved moderating mechanisms. Following this suspension, the platform saw a 66% drop in weekly income, from $33.8 million between Nov. 18–24 to $11.3 million in the last week of the month.
Solana Dapps’ Meme Coin Revenue Reaches $509M in 2024
Meme coin DApps on Solana have generated $509 million in revenue, making them the most profitable application category on the blockchain. Telegram bots earned $300 million, and spot DEXs reported $141 million in revenue.
Meme coin revenues have grown exponentially in 2024, surging from $600,000 in January to $183 million in November. This represents a 300x increase, driven by rising user interest and innovative platforms within the Solana ecosystem.
Meme coins now account for 83.7% of all Solana DApp revenue for the year, with wallets contributing 9.6% and infrastructure, NFTs, and gaming making up the remaining 6.5%.
Other Notable Contributors
Other notable sources included decentralized exchange (DEX), such as Raydium and token discovery platform Photon. These two have strengthened the blockchain’s standing as a decentralized finance (DeFi) innovation center.
According to Syndica’s analysis, the number of “high-quality players” in SOL’s ecosystem has increased dramatically. Researchers noticed increased strategies that generated more than $10,000 to $10 million monthly revenue.
Telegram bots also established a presence in SOL’s ecosystem. This year, the category generated over $300 million, ranking second only to meme coin DApps in income.
Meme traders frequently use the chat app’s bots, such as Trojan, Banana Gun, and BONKbot, to invest in new trendy releases.