The Solana dapp ecosystem achieved remarkable monthly revenue figures in November, with Pumpfun surpassing the $100 million milestone.
Solana Dapp Revenue Goes Parabolic
In November, Solana's decentralized applications (dapps) reached an all-time high of $365 million. According to Syndica research, Solana's total dapp revenue of $365 million exceeded the network revenue of $92 million.
More than 30 protocols generated over $1 million in revenue, with Pumpfun, a meme coin launchpad, being the first dapp to exceed $100 million in monthly revenue. Pumpfun generated $106 million in November, accounting for approximately 25% of Solana's total revenue.
Raydium dominated spot decentralized exchange (dex) revenue with a record high of $32 million, representing 86% of total spot dex revenue. Similarly, perpetual contracts drove Jupiter to a new revenue record of $17 million, with Phantom being the top earner among Jupiter swap API partners.
Year-to-date, meme coin dapps led in revenue, bringing in over $500 million with Pumpfun and Photon as key players. Telegram bots and spot dexs followed in second and third place with $300 million and $141 million respectively.
Kamino Finance led revenue numbers in the lending category, reaching an all-time high of $2.9 million. Its earnings were derived from interest rate spreads, loan origination fees, and liquidation penalties.
Decentralized finance (defi) applications were the main revenue contributor to dapps, accounting for 83.7%. Wallets, infrastructure, non-fungible tokens (NFTs), and gaming made up the remaining 9.6%, 3.4%, 2.2%, and 0.9% respectively.
November saw significant growth in Solana's dapp ecosystem, with monthly trade volume on dexs surpassing $100 billion. With these record-breaking figures, we can anticipate continued significant growth in the Solana ecosystem.