The decentralized applications (DApps) on Solana experienced strong growth in November, driven by the memecoin platform Pump.fun and the decentralized finance (DeFi) ecosystem of the blockchain.
Research platform Syndica reported that Solana-based DApps generated $365 million in revenue in November. According to the data, Pump.fun became the first Solana DApp to achieve more than $100 million in monthly revenue.
In November, Pump.fun earned $106 million, despite criticism of inappropriate content shared by the community via a live-streaming feature. On November 25, the platform came under fire following reports that users were allegedly performing or threatening violent acts.
In response, the memecoin platform indefinitely disabled the live-streaming feature and promised to implement a better moderation system. A week after disabling the live streams, Pump.fun’s weekly revenue dropped by 66%, from $33.8 million between November 18 and 24 to $11.3 million in the last week of November.
Other significant contributors to Solana’s DApps revenue were the token-discovery platform Photon and the decentralized exchange (DEX) Raydium.
Memecoin DApps generated the most revenue of all decentralized application categories on Solana this year. According to Syndica, memecoin DApps earned $509 million, while Telegram bots generated $300 million. Spot DEX’s have so far brought in $141 million in revenue.
The revenue of memecoin DApps grew more than 300 times in 2024. In January, memecoin applications on Solana generated about $600,000 in revenue. In November, revenue in this category rose to $183 million.
In total, 83.7% of all Solana DApp revenue in 2024 came from DeFi, with wallets accounting for 9.6%. The remaining 6.5% came from infrastructure, non-fungible tokens (NFT’s), and gaming applications.
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