The Solana decentralized application (dapp) ecosystem achieved a milestone in November, recording $365 million in revenue, with Pumpfun leading the charge by surpassing the $100 million mark.
Solana Dapps Hit New Revenue Highs
Solana’s dapps posted an all-time high monthly revenue of $365 million, as reported by Syndica research. This figure far outpaced Solana’s network revenue of $92 million for the same period.
Over 30 protocols contributed more than $1 million each, with Pumpfun—a launchpad for memecoins—becoming the first Solana-based dapp to exceed $100 million in monthly revenue. Pumpfun generated $106 million, accounting for nearly 25% of the total dapp revenue in November.
Raydium dominated spot decentralized exchange (DEX) revenue with $32 million, representing 86% of the total spot DEX market. Perpetual contracts drove Jupiter to a new record of $17 million, while Phantom emerged as the top earner among Jupiter’s swap API partners.
Memecoins and DEXs Dominate Year-to-Date Earnings
Year-to-date, memecoins dapps have led the pack, generating over $500 million in revenue, with Pumpfun and Photon standing out as the primary contributors. Telegram bots and spot DEXs followed, bringing in $300 million and $141 million, respectively.
Kamino Finance, a leader in the lending category, achieved $2.9 million in revenue, driven by interest rate spreads, loan origination fees, and liquidation penalties.
DeFi Applications Lead Revenue Generation
Decentralized finance (DeFi) applications contributed a whopping 83.7% of total dapp revenue. Other segments included wallets (9.6%), infrastructure (3.4%), NFTs (2.2%), and gaming (0.9%).
A Promising Future for Solana
November also saw monthly trading volumes on Solana’s DEXs exceed $100 billion, highlighting the ecosystem’s impressive growth trajectory. With these record-breaking numbers, the Solana ecosystem is poised for continued expansion and innovation in the coming months.
