Solana’s meteoric rise in 2024 has firmly established it as a dominant force in the decentralized finance (DeFi) landscape. The blockchain now commands over 50% of total DApp revenue, surpassing Ethereum, which has seen its share decline to just 12.84%.
In the last 12 months, Solana DApps generated $2.9B in revenue, far surpassing the $1.8B from all other chains combined.
This explosive growth is only expanding. In the last 12 months, Solana DApps generated $2.9B in revenue, far surpassing the $1.8B from all other chains combined.
A significant driver behind Solana’s revenue dominance is the explosive growth of memecoin platforms.
REPORT | #MemeCoins were the Top-Performing Crypto Sub-Sector, #Solana was the Most Dominant Blockchain in 2024
Memecoins were the top-performing sub-sector, with 212% growth. https://t.co/5e3W9yeCDM @solana @solana_daily @binance pic.twitter.com/YWBQWcVx7C
— BitKE (@BitcoinKE) January 26, 2025
Leading the charge is Pump.fun, a memecoin launchpad that generated an astounding $630 million over the past year [2024], making it the third-highest earner in the crypto space after stablecoin giants Circle and Tether.
HOW TO | How To Quickly Create and Share Your Own MemeCoin Using Solana Marketplace, https://t.co/QCr6l2e8EP
Below is a step-by-step guide to help you launch your own memecoin using https://t.co/QCr6l2e8EP on the Solana network.https://t.co/voUe9o9ZKl @pumpdotfun @solana… pic.twitter.com/q8gV71huc4
— BitKE (@BitcoinKE) July 1, 2024
Launched in March 2024, the memecoin AMM has already captured 42% of Solana’s total DEX revenue, generating $5.6 million in its second month.
In November 2024 alone, Pump.fun made history by becoming the first Solana dApp to surpass $100 million in monthly revenue.
Other notable contributors include:
- Photon, a trading platform for Solana and Base memecoins, and
- Phantom, the Solana-based wallet.
Collectively, memecoin dApps on Solana amassed $509 million in revenue in 2024, marking a staggering 305-fold increase from January’s $600,000.
Pump.fun and Axiom Exchange dominated the Solana DApp revenue landscape in April. Pump.fun generated $54 million, with Axiom close behind at $52 million.
Beyond memecoins, Solana’s broader DeFi ecosystem has seen remarkable growth. In November 2024, Solana-based dApps achieved a record $365 million in revenue, with DeFi applications accounting for 83.7% of this total .
- Raydium, Solana’s leading decentralized exchange (DEX), earned $32 million that month, representing 86% of the total spot DEX revenue.
- Jupiter, another prominent DEX, reached a new revenue high of $22 million in April 2025, driven by its Jupiter Pro advanced trading interface, sophisticated analytics, a perpetual trading feature, and Swap API.
- Telegram bots have also emerged as significant players, generating $300 million in revenue throughout 2024.
Solana’s impressive revenue figures are mirrored by its growing developer and user base. The blockchain broke fee and DEX volume all-time highs multiple times in 2024, attracting significant developer interest . This surge in activity underscores Solana’s position as a leading platform for DeFi innovation.
Solana’s ascendancy in the DeFi sector is a testament to its robust ecosystem and the innovative applications built on its platform. With memecoins, DeFi protocols, and user-friendly tools driving unprecedented revenue growth, Solana is poised to maintain its leadership in the decentralized finance arena.
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