3 Reasons Why Solana DApp Revenue Climbs to $365M in November 2024
The post 3 Reasons Why Solana DApp Revenue Climbs to $365M in November 2024 appeared on BitcoinEthereumNews.com.
Solana’s decentralized applications (DApps) revenue hits a new milestone, contributed by the surge in meme coin-related activity and other factors. During November 2024, the network clocked a staggering $365 million in revenue, as per the latest report. The most outstanding example of a dApp running on Solana is undoubtedly Pump.Fun, having pocketed $106 million in revenue over the last month despite recent turmoil. Other notable contributors to the chain’s revenue include token research platform Photon and the more familiar decentralized exchange Raydium. These dApps also continue to play an outsized role in driving growth and activity on the Solana network. 3 Reasons Contributing to Solana DApp Revenue The latest Syndica research report revealed that Solana Dapps’ revenue in November last month surged to $365 million, hitting fresh record highs. Solana’s decentralized finance (DeFi) ecosystem dominated revenue generation last month, accounting for nearly 84% of the total funds raised. In contrast, wallets and infrastructure collectively drew less than 15% of the month’s revenue. Solana-Based Meme Coins Driving DeFi Activity Several meme coins and meme-supportive protocols are driving the DeFi activity on the Solana blockchain thereby contributing to the surge in SOL revenue. In 2024, revenue from meme coin Solana DApps surged a massive 305x while raking in more than $509 million. Source: Syndica As reported, the most popular meme coin launchpad platform Pump.fun topped Solana protocol revenue last month with $106 million. Last month in November, Pump.fun faced major hate over allegations of supporting acts of violence. However, the platform was quick to address this issue. This prompted the platform to indefinitely suspend livestreaming and pledge to implement stricter moderation measures to prevent similar incidents moving forward. The impact was swift: Pump.fun’s weekly revenue saw a 66% decline following the suspension of livestreaming. Pump.fun is a Solana-based meme-coin launchpad that has recently restricted access to UK users after a warning from the Financial Conduct Authority. It had been operating without permission to…
Filed under: News - @ December 19, 2024 8:27 pm