Solana’s decentralized applications (DApps) recorded $365 million in revenue in November, with memecoin launchpad Pump.fun emerging as the top contributor.
According to data from research platform Syndica, Pump.fun became the first Solana DApp to surpass $100 million in monthly revenue, earning $106 million despite facing community backlash.
The controversy erupted on 25 November 2024, when users of Pump.fun’s livestreaming feature was accused of sharing inappropriate content, including threats of violence.
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Pump.fun Suspends Livestreaming Function
In response, Pump.fun suspended its livestreaming function indefinitely and pledged to introduce a more robust moderation system.
Following the suspension, the platform’s weekly revenue dropped significantly by 66%, falling from $33.8 million between November 18 and 24 to $11.3 million in the final week of the month.
Beyond Pump.fun, other major revenue drivers for Solana’s DApp ecosystem included token discovery platform Photon and decentralized exchange (DEX) Raydium.
Memecoin DApps dominated revenue generation on Solana, contributing a total of $509 million year-to-date.
Syndica’s data also revealed that Telegram bots earned $300 million, while Spot DEXs accounted for $141 million in revenue in 2024. The explosive growth of memecoin DApps on Solana has been a defining trend of 2024.
In the past 30 days Solana generated $431M in fees — more than all other L1s combined.
Solana now captures 53% of the global L1 fee pool, with the most recent driver of activity being the Cambrian explosion of AI agents.
Starting to look like the “Fat SOL” thesis. pic.twitter.com/XxGAf5MWaO
— Ryan Watkins (@RyanWatkins_) December 15, 2024
In January, memecoin-related applications brought in just $600,000 in revenue, but by November, earnings had skyrocketed to $183 million—a 300-fold increase.
Overall, 83.7% of Solana’s total DApp revenue for 2024 stemmed from decentralized finance (DeFi) applications, with wallets contributing 9.6%. The remaining 6.5% was split between infrastructure, NFTs, and gaming apps.
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Solana Surpasses Ethereum as Top Ecosystem for New Developers
As reported, Solana has also overtaken Ethereum as the top destination for new developers in 2024, breaking Ethereum’s eight-year dominance in the space.
Solana saw 7,625 new developers join its ecosystem this year, surpassing Ethereum’s 6,456. The surge was driven largely by increased developer activity in Asia.
Solana’s Solana3.14% momentum began in July, when it officially outpaced Ethereum in onboarding new developers for the first time since 2016. This trend continued through the remainder of 2024, with Solana’s developer activity growing by 83% year over year.
Notably, Solana also briefly surpassed Ethereum on two significant occasions. On 18 March 2024, Solana’s network activity exceeded Ethereum’s due to heightened demand for Solana-based meme coins.
On October 28, Solana’s daily network fee generation surpassed Ethereum’s for a 24-hour period.
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