The Solana decentralized application (dapp) ecosystem reached a significant monthly revenue in November, with Pumpfun surpassing the $100 million revenue mark.
Solana Dapp revenue shows parabolic growth
Solana’s decentralized applications (dapps) hit an all-time high of $365 million in November. According to Syndica research, Solana’s dapps had a total revenue of $365 million, surpassing the Solana network’s revenue of $92 million.
More than 30 protocols exceeded $1 million in revenue, with Pumpfun, a memecoin launch platform, becoming the first dapp to exceed $100 million in monthly revenue. Pumpfun’s revenue in November was $106 million, accounting for approximately 25% of Solana’s total revenue.
Raydium performed well in spot decentralized exchange (dex) revenue, reaching a new all-time high of $32 million, accounting for 86% of total spot dex revenue. Similarly, perpetual contracts pushed Jupiter to a new revenue record of $17 million, with Phantom being the highest-earning Jupiter exchange API partner.
As of now, memecoin dapps lead in terms of revenue, with over $500 million, with Pumpfun and Photon being the main players. Telegram bots and spot dex come in second and third with $300 million and $141 million respectively.
Kamino Finance led the lending category with revenue of $2.9 million, a record high. Its revenue comes from interest rate differentials, loan origination fees, and liquidation penalties.
Decentralized finance (defi) applications are the main contributors to dapp revenue, accounting for 83.7%. Wallets, infrastructure, non-fungible tokens (NFTs), and games account for 9.6%, 3.4%, 2.2%, and 0.9%, respectively.
The Solana dapp ecosystem experienced significant growth in November, with the decentralized exchange surpassing $100 billion in monthly trading volume. With these record-breaking numbers, we can expect the Solana ecosystem to continue experiencing significant growth.
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