The Solana ecosystem has experienced remarkable growth, with both Solana itself and its decentralized applications (DApps) achieving record-breaking revenue in November 2024. This unprecedented growth reported by Syndica highlights Solana’s increasing dominance in the blockchain space and underscores the impact of key protocols and sectors driving this success.
Solana and Solana DApps revenue at all-time highs
In November 2024, Solana’s revenue hit a record $92 million, while its ecosystem of DApps collectively generated $365 million. This growth shows the expanding number of high-performing projects within the ecosystem. The count of protocols generating significant monthly revenue has steadily increased, with new benchmarks being set for revenues across the board.
For the first time, a Solana protocol surpassed $100 million in monthly revenue. According to a Syndica report, Pump.fun, a standout player in the memecoin category, achieved $106 million in November, contributing over 25% of the total DApp revenue.
Decentralized finance (DeFi) continues to dominate Solana’s DApp ecosystem, accounting for 83.7% of total revenue generated in November 2024. Within DeFi, the memecoin category has emerged as a leader, with over $500 million generated in 2024. This growth is driven by protocols like Pump.fun and Photon, which have redefined revenue generation within the space.
The memecoin DApp category’s monthly revenue growth is astonishing. Starting from a modest $0.6 million in January 2024 per the report, the sector has grown 305x, indicating increased interest in memecoins despite their high risk nature and volatility.
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Key contributors to Solana’s revenue
1. Raydium
Raydium, Solana’s leading decentralized exchange (DEX), pushed spot DEX revenues to new heights in November 2024, earning $32 million. This figure represents 86% of the total spot DEX revenue. The rise in revenue led to record $RAY token buybacks, worth $28 million, benefiting stakers.
2. Jupiter
Jupiter, often referred to as a super app, reached a new revenue high of $17 million in November 2024, primarily driven by its perpetual trading feature (Perps). Additionally, its Swap API has proven transformative for wallets like Phantom and Solflare, enabling them to collectively earn $122 million year-to-date by providing cost-efficient swaps.
3. Kamino Finance
Lending remains the cornerstone of Kamino Finance, which recorded a revenue peak of $2.9 million in November 2024. The protocol’s business model, centered on interest rate spreads, loan origination fees, and liquidation penalties, has been instrumental in its sustained growth.
4. Metaplex
Metaplex has experienced a revenue breakthrough, thanks to its integration with Pump.fun. As a platform that supports memecoin creation, Metaplex has capitalized on Pump.fun’s success, achieving a year-low FDV-to-revenue ratio due to the spike in revenue.
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Emerging revenue streams: Telegram bots and payment infrastructure
Telegram bots are making waves in the Solana ecosystem, with their revenue doubling to $82 million in November 2024. This growth aligns with a stable 4–5% DEX volume share for Telegram bots.
The payment infrastructure sector is also booming. Helio reached a new revenue peak of $316,000 in November 2024, reflecting a 7x growth since the beginning of the year. Its unique fee structure, combined with incentives for HelioX NFT holders, has contributed significantly to its success.
The Decentralized Physical Infrastructure Network (DePIN) sector on Solana is showing early signs of revenue growth. Protocols like Render, Nosana, Helium, and Hivemapper are driving demand for decentralized services. Render’s compute network leads the pack, becoming a significant revenue contributor within this emerging sector.
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Conclusion
Solana’s ecosystem is evolving into a robust, high-revenue environment driven by innovative DApps and emerging technologies. From the dominance of DeFi and memecoin categories to the rise of payment infrastructure and DePIN sectors, Solana continues to set new benchmarks. Recall that Solana emerged as the fastest-growing blockchain for new developers in 2024, cancelling Ethereum’s eight-year reign.
As key protocols like Pump.fun, Raydium, and Jupiter lead the charge, the proof-of-stake blockchain is cementing its position as a major player in the decentralized ecosystem. With continued innovation and growth across various sectors, Solana is well-positioned to sustain its upward trajectory in the blockchain space.
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Ndianabasi Tom A Petroleum Engineering degree holder, Ndianabasi’s interest since 2018 has been studying the ever-growing field of blockchain and cryptocurrency, keenly evaluating the innovation, exploration, and expansion of this field locally and globally. The founder of Nitadel a media platform, Ndianabasi has been a Writer at Crypto Asset Buyer (CAB) since 2021. When he is not drilling resources in the blockchain and cryptocurrency field, Ndianabasi is singing, reading, watching crime movies, or playing football.
