- Over 80% of DApp revenue on Solana comes from DeFi activities
- DApps across Solana realized more than $360 million in revenue in November
- Most of the revenue came from memecoin platform Pump.fun
More than 80% of the $365 million generated by Solana DApps in November came from DeFi activities, compared to other sectors like wallets and infrastructure. According to a new report by Syndica, $106 million of the revenue came from memecoin platform Pump.fun with memecoin-focused DApps generating over $500 million so far this year. DApps focussing on wallets and infrastructure contributed 9.6% and 6.5% respectively to the total DApp revenue, a sign that the DeFi space is in a bullish mood.
Memecoin DApps’ Revenue Rises by Over 30,000%
The report observed that Solana’s revenue in November also recorded a noticeable uptick. It added that DeFi protocols generating between $10,000 and $10 million in monthly revenue have “steadily increased.”
According to the report, memecoin DApps’ monthly revenue has increased by over 30,000% this year, noting that the revenue was only $600,000 in January. Among the DeFi platforms that have registered the highest uptick in revenue include Raydium, Jupiter, Kamino Finance, and Metaplex.
Syndica noted that the payment infrastructure sector is recording a rise in revenue with platforms like Helio generating 700% more revenue since the start of the year. The DePIN sector is also “showing early signs of revenue generation” with a strong demand for their services.
Telegram Bots Are “Here to Stay”
Telegram bots are “here to stay” with the report noting that the Telegram bot DEX volume share stabilized around 5% and their revenue doubled in November.
Solana’s DeFi revenue increase in November comes as the crypto community expects DeFi and web3 activities to increase when president-elect Donald Trump officially assumes office on January 2025.
With DeFi-focused DApps registering the highest revenue in November, it’s to be seen whether they’ll maintain the lead in December and in 2025.
