Solana’s decentralized purposes (DApps) income hits a brand new milestone, contributed by the surge in meme coin-related exercise and different elements. During November 2024, the community clocked a staggering $365 million in income, as per the newest report.
Meme coin launchpad Pump.enjoyable alone contributed $100 million in income. The Solana community has continued to smash new data amid excessive demand inside the blockchain business, whereas SOL worth flirts across the essential assist of $210.
3 Reasons Contributing to Solana DApp Revenue
The newest Syndica research report revealed that Solana Dapps’ income in November final month surged to $365 million, hitting recent document highs. Solana’s decentralized finance (DeFi) ecosystem dominated income era final month, accounting for almost 84% of the overall funds raised. In distinction, wallets and infrastructure collectively drew lower than 15% of the month’s income.
Solana-Based Meme Coins Driving DeFi Activity
Several meme cash and meme-supportive protocols are driving the DeFi activity on the Solana blockchain thereby contributing to the surge in SOL income. In 2024, income from meme coin Solana DApps surged a large 305x whereas raking in greater than $509 million.
As reported, the preferred meme coin launchpad platform Pump.enjoyable topped Solana protocol income final month with $106 million. Last month in November, Pump.fun faced major hate over allegations of supporting acts of violence. However, the platform was fast to tackle this situation.
The meme coin launchpad has indefinitely suspended its stay streaming function, vowing to develop a more practical moderation system transferring ahead.
Telegram Bots Boost Their Presence in SOL Ecosystem
As per the Syndica report, Telegram bots are additionally establishing a powerful presence in the Solana ecosystem. After the meme coin Solana DApps, they contribute the second-largest income for the ecosystem, with over $300 million in earnings this 12 months.
Meme merchants regularly use bots like Trojan, Banana Gun, and BONKbot to make investments in the newest fashionable launches straight by way of Pavel Durov’s personal messaging platform. The report notes:
“Telegram bots are here to stay, growing alongside DEX volume. Last month, the category generated $82M in revenue, doubling its previous peak of $41M. Telegram bot DEX volume share has stabilized at 4–5% in recent month”.
Other Protocols Contributing to Revenue Surge
Researchers at Syndica additionally famous the surge in protocols producing month-to-month revenues starting from $10,000 to $10 million. The report additionally reveals that Solana’s Decentralized Physical Infrastructure Network (DePIN) as a key rising sector in income era. Another report from Messari additionally predicts explosive growth for Solana in 2025.
DePIN includes using blockchain sources to assist and keep real-world companies, reminiscent of servers, an idea gaining traction amongst crypto fans. It famous:
“Protocols such as Render, Nosana, Helium, and Hivemapper have recently seen strong demand for their services, driving notable revenue growth. Render’s decentralized compute network is currently the largest revenue driver in the DePIN sector”.
SOL Price Action Ahead
Amid the rising Solana DApp income, SOL price hit a excessive of $263 final month. Ar current, it has been transferring sideways and at the moment consolidating round $210. A crypto analyst famous that it will be significant for the Solana worth to maintain above the $200 psychological degree. The analyst suggests warning and advises ready to see if this assist degree will maintain.
Bhushan Akolkar
Bhushan is a FinTech fanatic with a eager understanding of economic markets. His curiosity in economics and finance has led him to deal with rising Blockchain know-how and cryptocurrency markets. He is dedicated to steady studying and stays motivated by sharing the data he acquires. In his free time, Bhushan enjoys studying thriller fiction novels and infrequently explores his culinary expertise.
Disclaimer: The offered content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
