Solana's Dapps Revenue Hits Record $365 Million

Solana's Dapps Revenue Hits Record $365 Million

Solana Dapp Revenue Goes Parabolic

The Solana decentralized application (dapp) ecosystem achieved a historic milestone in November, recording an all-time high revenue of $365 million. According to research by Syndica, this figure surpasses Solana’s network revenue of $92 million, highlighting the explosive growth within its dapp ecosystem.

Key Revenue Drivers

• Pumpfun’s Milestone Achievement: A launchpad for memecoins, Pumpfun became the first Solana dapp to exceed $100 million in monthly revenue, contributing $106 million—approximately 25% of the total revenue.

• Raydium’s Dominance in Spot Dex Revenue: The decentralized exchange (dex) Raydium reported $32 million in revenue, representing 86% of total spot dex earnings.

• Jupiter’s Record-breaking Perpetual Contracts: Jupiter hit $17 million in revenue, with Phantom emerging as its largest swap API partner.

Year-to-Date Performance

• Memecoin Dominance: Memecoin-focused dapps led revenue generation, amassing over $500 million. Pumpfun and Photon were the primary contributors.

• Telegram Bots and Spot Dexes: These categories followed, generating $300 million and $141 million, respectively.

• Kamino Finance in Lending: Leading the lending category, Kamino Finance achieved a record $2.9 million in revenue through interest rate spreads, loan origination fees, and liquidation penalties.

Revenue Composition

Decentralized finance (defi) applications dominated, accounting for 83.7% of total dapp revenue. Other contributors included:

• Wallets: 9.6%

• Infrastructure: 3.4%

• Non-Fungible Tokens (NFTs): 2.2%

• Gaming: 0.9%

Trade Volume and Ecosystem Growth

November also saw a significant increase in trade volume across decentralized exchanges, exceeding $100 billion. This growth reflects the overall maturity and expansion of Solana’s dapp ecosystem.

Future Outlook

With record-breaking revenue and trade volumes, Solana’s dapp ecosystem is poised for continued growth. The ecosystem’s rapid expansion underscores its potential to drive further innovation and adoption in the blockchain space.