Solana Dapps Revenue Hits Record $365 Million in November

The total fees generated by Solana applications in November reached a historic high of $365 million, with $106 million attributed to the “meme token factory” Pump.fun, according to data from Syndica.

Pump.fun became the first in Solana to achieve a nine-figure income in a month.

The figure could have been even higher if not for the suspension of streaming at the end of November, which led to a one-third drop in fees. This measure was taken in response to the widespread dissemination of unacceptable content.

Other leaders include the coin discovery platform Photon and the decentralized exchange Raydium. Since the beginning of the year, dapps in the meme token sector have earned $509 million, Telegram bots — $300 million, and spot decentralized exchanges — $141 million.

The total figure for meme tokens this year has increased more than 300-fold. In January, the revenue of dapps in this category was $600,000, while in November it reached $183 million.

In 2024, 83.7% of all revenues from decentralized Solana applications were generated by DeFi protocols, 9.6% by wallets, and the remaining 6.5% by infrastructure, NFTs, and games.

According to Token Terminal, in November, the Solana blockchain attracted 53% of the entire cryptocurrency user base, surpassing all competitors combined.

⚡ JUST IN: $SOL captured 53% of global crypto users in November, surpassing all other chains combined. pic.twitter.com/OLfRfcOvCv

— Cointelegraph (@Cointelegraph) December 19, 2024

Previously, NBC noted the onset of a “carnival-casino” era amid the hype around meme tokens.

Solana’s founder Anatoly Yakovenko has explained the benefits of such assets to the network.