In November, Solana’s DApp ecosystem saw exponential growth in revenue, reaching all-time highs.
In a recent report published by Syndica, the platform highlighted that the Solana decentralized application ecosystem, one of the most popular and capitalized blockchains in the crypto market, reached new records in monthly revenue, generating $365 million last month.
This remarkable growth in Solana DApps is largely due to the popularity of decentralized applications related to the DeFi and memecoins sector that operate on the network, which have seen an exponential monthly increase. According to the report, the Pump.Fun platform, which facilitates the creation and launch of meme cryptocurrencies, surpassed $100 million in monthly revenue in November, becoming the First Solana DApp to reach this milestone.
The rise of DeFi and memecoins, and platforms that facilitate entry into these sectors of the crypto world, has attracted both developers and investors en masse to the SOL blockchain ecosystem, which was already attractive due to its low fees and operating costs.
Solana ecosystem experienced exponential revenue growth
According to Syndica, the Solana ecosystem has established itself as a hub for memecoins, even surpassing Ethereum in certain key indicators. Network activity has shown record levels, with a significant increase in fees and trading volumes. This growth reflects the interest in memecoins within a broader trend within the cryptocurrency market, where less conventional assets are capturing the public’s attention.
“The number of high-quality players in the Solana ecosystem is growing. The number of protocols generating over $10,000, $100,000, $1 million, and $10 million in monthly revenue has been steadily increasing.”, points out the report.
With outstanding performance compared to other cryptocurrency networks, Solana is firmly positioning itself in the current crypto landscape, suggesting a promising future for its ecosystem and DApps.
Source: Syndica
Memecoins transform the SOL ecosystem
Memecoin-related DApps have been crucial to the revenue growth on the Solana network. In total, these applications generated revenue that accounts for approximately 83,7% of the total revenue of all DApps on the network.
In January 2024, memecoin DApps’ revenue was only $600.000, but by November, this figure had skyrocketed significantly.
In addition to Pump.Fun, which stood out as the first application on Solana to surpass $100 million in monthly revenue, with $106 million in November, other protocols such as Photon also saw exponential growth. Photon, a token discovery tool, and Raydium, a decentralized exchange (DEX), contributed significantly to Solana’s revenue.
Source: Syndica
In general, the report He highlighted that the memecoin category increased its monthly revenue more than 300 times since the beginning of the year, rising from $0,6 million in January to $183 million in November, reflecting intense trading activity by memecoin and DeFi enthusiasts.
More than 30 protocols surpass $1 million in revenue
One notable fact in the report in question is that more than 30 protocols within the Solana ecosystem generated more than $1 million in revenue each during November. According to experts, this highlights the health of the ecosystem and the competitiveness between different projects seeking to capture the attention and funds of investors. Furthermore, this diversity allows Solana to not rely solely on a few players for its economic success.
Source: Syndica
Electric Capital hints at a change in crypto development leadership
On the other hand, a recent report from Electric Capital has revealed that Solana has surpassed Ethereum as The favorite network for new developers in 2024. This change is significant as Ethereum had historically been considered the leading platform for DApp development. However, Solana’s growing popularity can be attributed to its high transactional capacity and lower fees, allowing developers to experiment without facing prohibitive costs as they still do on Ethereum.
In summary, the impressive growth seen in November with total revenue of $365 million for Solana DApps highlights a significant shift in the blockchain development landscape.
Memecoins and decentralized finance applications have proven to be a powerful catalyst for this growth, attracting users, investors and developers alike.
