Solana’s decentralized application (DApp) network reached new heights in Nov 2024, posting a record revenue of $365 million. The growth of memecoins platforms, particularly Pump.fun, fueled this surge, bringing in over $100 million in revenue.
Pump.fun was the standout performer for November, surpassing $100 million in monthly revenue. This marked a historic achievement as Pump.fun became the first Solana-based DApp to reach such a point.
DePIN projects such as Render, Nosana, Helium, and Hivemapper have seen increasing demand. This demand is contributing to the network’s growing revenue.
However, the platform has been controversial. Some users showcased inappropriate content through the live streaming feature. Such cases elicited negative reactions, and some of the users were caught or claimed to have been involved in violent activities while broadcasting.
In response to criticism, Pump.fun ceased using its live-streaming option and pledged to improve the moderation of material on its site. The suspension, however, was a psychological blow to Wells’ investors and a direct financial one.
The platform’s weekly revenue sharply declined, dropping 66% from $33.8 million to $ 11.3 million in the final week of November. Despite this drop, the overall DApp revenue in November remained strong.
Memecoins drive the majority of revenue
The memecoins maintained their position as the most relevant offerings on the Solana blockchain. They generated most of the net sales revenue.
Syndica research platform data indicated that just under 84% of Solana’s income was generated through the DeFi protocols associated with meme coins.
Altogether, meme coin DApps experienced spectacular revenue growth in 2024, more than 305 times higher, amounting to over $ 500 million annually.
These were driven by the Telegram bots that were popular among meme traders. Different bots, such as Trojan, Banana Gun, and BONKbot, have assumed this function of enabling investors to gain an entry point to memecoins. These bots generated over $300 million during 2024 to cement the role of meme coins within the Solana world.
