Meme coins drive Solana DApp revenue to $365m record

Decentralized application revenue on Solana reached a new record high, mainly generated from meme coin-related transactions and tools.

According to Syndica’s research, Solana (SOL) native DApps garnered $365 million in revenue during November 2024, a new monthly high for the popular layer-1 blockchain network.

Solana’s decentralized finance ecosystem was the leading port of call for revenue. SOL DeFi comprised almost 84% of cash raised last month, compared to wallets and infrastructure, which attracted less than 15%.

Among DeFi activity, meme coins and meme-supportive protocols dominated SOL revenue. Meme coin DApps monthly revenue surged 305-fold in 2024, raking in over $500 million. Pump.fun, crypto’s most popular meme token launch pad, led Solana protocol revenue last month with $106 million, a first for the young project.

Telegram bots solidified their presence within SOL’s ecosystem. The category has amassed the second biggest revenue stream after meme coin DApps, recording over $300 million this year. Meme traders regularly tap bots like Trojan, Banana Gun, and BONKbot to invest in new trendy launches directly from Pavel Durov’s private messaging platform.

Meme coins and meme coin DApps may be Solana’s main characters, but the ecosystem rapidly expanded to include several active players. Syndica’s research reported a parabolic jump in “high-quality players” within SOL’s ecosystem. Researchers noted an increase in protocols earning over $10,000 to $10 million monthly revenue.

The report highlighted SOL’s Decentralized Physical Infrastructure as a major sector in the early stages of revenue generation. DePIN, as crypto natives call it, refers to maintaining and providing real-world services like servers using individual blockchain resources.

Protocols such as Render, Nosana, Helium, and Hivemapper have recently seen strong demand for their services, driving notable revenue growth. Render’s decentralized compute network is currently the largest revenue driver in the DePIN sector.

Syndica report