Meme Coins Propel Solana DApp Revenue to Record $365M

Solana’s decentralized applications (DApps) have reached a new milestone in revenue generation, driven largely by meme coin-related activities. According to research by Syndica, Solana’s native DApps generated a record-breaking $365 million in revenue during November 2024, marking the highest monthly revenue for the blockchain to date.

The majority of this revenue—84%—came from Solana’s decentralized finance (DeFi) ecosystem, with meme coins and meme-related protocols taking the lead in driving DeFi revenue. In particular, meme coin DApps experienced an extraordinary surge in 2024, with their monthly revenue rising by 305 times. These meme coin DApps collectively brought in over $500 million, with Pump.fun, a popular meme token launch pad, being the standout performer, generating $106 million, a milestone for the platform.

Telegram bots also became an important part of Solana’s ecosystem, contributing to the rising popularity and revenue of meme coins. Bots like Trojan, Banana Gun, and BONKbot, which allow users to trade meme coins directly from Telegram, played a key role in this growth. This category alone generated over $300 million in revenue for the year, reflecting the growing influence of Telegram in the meme coin market.

While meme coins are currently the primary revenue drivers on Solana, the ecosystem has expanded to include other sectors, such as Decentralized Physical Infrastructure Networks (DePIN). This sector, still in its early stages, refers to using blockchain technology to support real-world services like servers, with projects such as Render, Nosana, Helium, and Hivemapper gaining traction. Among these, Render’s decentralized compute network stands out as the leading revenue generator within the DePIN space.

The rapid growth of high-quality players within Solana’s ecosystem was also noted in the Syndica report. The number of protocols generating between $10,000 and $10 million in monthly revenue has skyrocketed, highlighting the increasing demand for Solana-based services and applications across various sectors.

In summary, Solana’s ecosystem is experiencing a significant revenue surge, largely driven by meme coins and related tools, but also expanding into new, promising sectors like DePIN. With a growing number of high-revenue protocols, Solana’s blockchain continues to solidify its place as a leading platform in the decentralized application space.