3 Reasons Why Solana DApp Revenue Climbs to $365M in November 2024

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As a seasoned analyst with over two decades of experience in the tech and finance industries, I’ve witnessed countless trends come and go. However, the recent surge in Solana’s decentralized applications (DApps) revenue is nothing short of remarkable. Having closely followed the blockchain space, I can confidently say that Solana’s growth is not just a flash in the pan but a testament to its robust infrastructure and growing ecosystem.

As a crypto investor, I’m thrilled to share that Solana’s decentralized applications (DApps) have achieved a remarkable milestone in revenue this month, mainly driven by the boom in meme coin-related transactions and other favorable factors. The network recorded an astounding $365 million in revenue during November 2024, according to the most recent report. This impressive figure underscores Solana’s growing popularity and potential for future growth.

Through its meme coin launch platform, Pump.fun generated an impressive $100 million in earnings alone. Meanwhile, the Solana network is breaking record after record due to escalating demand within the blockchain sector, with the SOL price hovering around the significant support level of approximately $210.

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

On the Solana blockchain, various meme-based cryptocurrencies and associated protocols are fueling DeFi activity, significantly boosting SOL earnings. In 2024 alone, revenue generated by meme coin DApps on Solana skyrocketed an astounding 305 times, totaling over $509 million.

Last month, the meme coin launchpad platform Pump.fun generated the highest earnings among Solana protocol projects, amounting to approximately $106 million. In November, Pump.fun encountered significant backlash due to accusations of fostering violent acts. Nevertheless, the platform promptly responded to these concerns.

The meme coin launchpad has temporarily halted its live streaming service, with plans to create a stronger moderation mechanism in the future.

Telegram Bots Boost Their Presence in SOL Ecosystem

According to the findings from the Syndica report, it’s clear that Telegram bots are making a significant impact within the Solana network. After the meme coin applications on the Solana platform, these bots represent the second highest source of income for the ecosystem, having generated over $300 million in earnings this year.

Frequently, meme traders employ automated trading tools such as Trojan, Banana Gun, and BONKbot to instantly invest in popular new launches via Pavel Durov’s personal messaging service. According to the findings:

It’s clear that Telegram bots are becoming a permanent fixture, mirroring the growth of Decentralized Exchange (DEX) trading volumes. In the past month alone, this sector yielded approximately $82 million, more than doubling its previous record of $41 million. Notably, the share of DEX volume handled by Telegram bots has remained steady at around 4-5% in recent times.

Other Protocols Contributing to Revenue Surge

As a researcher at Syndica, I’ve observed an impressive rise in protocols that are consistently generating monthly revenues between $10,000 and $10 million. Our findings indicate that the Decentralized Physical Infrastructure Network (DePIN) on Solana is rapidly emerging as a significant player in revenue generation. Moreover, a report from Messari anticipates an explosive growth trajectory for Solana by 2025.

DePin leverages blockchain infrastructure to sustain and operate real-world applications like servers, an idea that is growing in popularity within the cryptocurrency community. As it was pointed out:

Lately, there’s been a significant increase in the need for services provided by companies like Render, Nosana, Helium, and Hivemapper, leading to substantial income increases. Among these, Render’s decentralized computing network is currently the primary contributor to revenue growth within the Decentralized Pinned Infrastructure (DePIN) sector.

SOL Price Action Ahead

In recent times, the income generated by Solana DApps has been increasing significantly. Last month, the price of SOL reached a peak of $263. At present, it’s been hovering and is in the process of consolidating around $210. A cryptocurrency analyst emphasized that it’s crucial for the Solana price to maintain its position above the $200 psychological threshold. The analyst advises exercising caution and suggests we observe whether this support level will hold firm.

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2024-12-19 16:12