Original｜Odaily Planet Daily (@OdailyChina)
In recent days, the cryptocurrency market has experienced a general pullback, but the Solana ecosystem's performance last month was still remarkable, with the potential for a rapid price recovery and a continuation of the ecological bull market.
According to statistics, in November 2024, Solana's native DApps generated $365 million in revenue, setting a new monthly record; nearly 84% of this revenue came from the DeFi ecosystem, while wallets and infrastructure accounted for less than 15%. Additionally, 20 Solana DApps had monthly revenues exceeding $1 million, with pump.fun becoming the “first Solana protocol in history to exceed $100 million in monthly revenue”. Odaily Planet Daily will summarize the performance of the Solana ecosystem in November in this article, referencing the Syndica report for readers' reference.
Uncovering Solana: Both ecosystem revenue and protocol revenue hit new highs
According to statistics, in November, Solana's ecosystem revenue and DApps revenue reached $92 million and $365 million, respectively, both setting “new highs for the year.” Notably, the former was only $6 million at the beginning of the year, growing 15 times; the latter was only $26 million at the beginning of the year, growing 14 times.
It is worth mentioning that 50% of Solana's ecosystem revenue is primarily used for SOL token buybacks and burns; the DApps revenue statistics mainly come from top protocol data and are not complete.
Meanwhile, according to Coingecko data, SOL was priced at around $101 at the beginning of the year, previously breaking through a new high of $263 on November 23, and currently has retreated to around $188, maintaining an annual increase of about 88%.
Solana ecosystem and DApps revenue chart
Solana ecosystem protocols: pump.fun stands out, with 10 protocols exceeding $10 million in monthly revenue
Another example of the rapid development of the Solana ecosystem is the number of protocols with impressive revenues, among which 41 had monthly revenues exceeding $100,000; 20 had monthly revenues exceeding $1 million; 10 had monthly revenues exceeding $10 million; and only pump.fun exceeded $100 million.
According to Syndica's statistics, pump.fun led the Solana protocol revenue in November with $106 million, earning the title of “the first Solana protocol to exceed $100 million in monthly revenue;” other top DApps include Photon, Raydium, BullX, Trojan, BONKbot, Phantom, Jupiter, and other DEX, Telegram Bot, and wallet infrastructure projects.
Solana ecosystem DApps monthly revenue segmented statistics
Top 8 protocol revenue ranking data
Main reason for Solana's growth: DeFi sector dominates, Meme ecosystem surges over 300 times
According to statistics, 83.7% of Solana's ecosystem protocol revenue comes from the DeFi sector; in contrast, wallet-related protocol revenue accounts for 9.6%; infrastructure projects account for 3.4%; NFTs account for only 2.2%; the gaming sector accounts for even less, at only 0.9%; and the payment and DePIN sectors account for less than 1%.
From another perspective, there is still a lot of market space in the Solana ecosystem, with significant potential in the gaming, payment, and DePIN sectors.
In the dominant DeFi sector of the Solana ecosystem, Meme coins and the protocols supporting them account for the largest share of revenue, with annual revenue reaching $509 million; followed by the Telegram Bot sector, with annual revenue of $300 million; and spot DEX ranking third, with annual revenue of $141 million. Notably, the monthly revenue of Meme coin-related DApps grew from $600,000 in January to $183 million in November, a staggering increase of 305 times, making it an “industry marvel.”
Additionally, thanks to the boost from pump.fun, Raydium also became the “biggest beneficiary” in this sector, with a monthly revenue of $32 million in November, far exceeding Orca and Lifinity, equivalent to 8 times Orca's monthly revenue and 32 times Lifinity's monthly revenue. Furthermore, since April, the FDV of DEX tokens and the ratio of protocol monthly revenue have gradually stabilized, maintaining within the range of 85%±10%.
Thanks to the project's strong performance, Raydium repurchased a total of 5.4 million RAY in November, worth up to $28 million, for distribution to stakers.
Solana ecosystem sector revenue share statistics
Meme coin-related DApps dominate
Meme coin-related DApps show astonishing growth
Raydium leads the spot DEX sector
RAY token holders enjoy the Raydium spillover effect
Unlimited potential in niche sectors: Telegram Bot becomes a wealth-generating machine in the ecosystem
Similarly benefiting from the booming Meme coin ecosystem, Solana has provided fertile ground for a large number of Telegram Bots.
With the increase in DEX trading volume, the overall revenue of Telegram Bot-related protocols reached $82 million, double that of October's total revenue; accounting for 4.5% of DEX trading volume share, and this proportion is becoming increasingly stable. BullX and Trojan have become the top two DApps in this sector, each with monthly revenues exceeding $20 million, totaling nearly $60 million.
Telegram Bot becomes a cash cow in niche sectors
Solana ecosystem's “super application”: Jupiter's JLP becomes the best target
In November, driven by Jupiter's perpetual contracts, its protocol revenue grew to $17 million. 75% of the perpetual fees are allocated to reward JLP LPs, while the remaining 25% is returned to the Jupiter protocol, making JLP a popular investment target for many funds.
As for the partners integrated with the JupiterSwap API, their overall protocol revenue has grown to $153 million this year, with Phantom wallet leading the way, achieving an annual revenue of $91 million; Solflare follows in second place with $31 million in revenue; platforms like Birdeye and other aggregators are close behind.
Overview of Jupiter's monthly revenue in 2024
Overview of Jupiter Swap API partner revenues
Phantom emerges as the biggest winner
Potential sectors in the Solana ecosystem: Lending, NFTs, Payments, DePIN
In November, the leading lending platform in the Solana ecosystem, Kamino, also performed exceptionally well, with its protocol revenue breaking new highs, reaching $2.9 million, of which 80% came from lending.
The Solana ecosystem's NFT platform, Metaplex, is a “low-key player that is almost invisible,” serving as the underlying blockchain protocol for nearly all tokens, Meme coins, and NFTs on the Solana network. In November, it also set a historical high for protocol revenue, reaching $3.4 million; its FDV/protocol revenue ratio also decreased from 273 in January to 113 in November, indicating improved operational stability and reducing some of the previous “inflated” metrics. Its token MPLX had previously surged over 20% after the Metaplex Foundation announced the launch of the Aura network in September.
In the payments sector, many projects in the Solana ecosystem now appear to be on the “eve of an explosion,” among which, the crypto payment company Helio saw its monthly revenue grow from $43,000 in January to $316,000, an increase of nearly 7 times. The project charges a 2% fee for each transaction, while HelioX NFT holders enjoy a 50% discount, paying only a 1% fee.
In the DePIN sector, the leading projects in the Solana ecosystem include Render Network, Nosana, Helium, and Hivemapper, with the monthly revenue of these four projects steadily increasing from around $150,000 in January to a total of $669,000 in November, representing an increase of approximately 446%. It is worth noting that the revenue here is calculated based on the destruction value of tokens like RENDER, HONEY, and NOS, and is for reference only.
Kamino becomes the leading lending platform
Metaplex's FDV/revenue ratio significantly decreases
Payment infrastructure on the verge of explosion
DePIN sector makes steady progress
Conclusion: Solana's short to medium term still relies on “one-legged walking,” while long-term hopes rest on Trump's favorable crypto economic policies
In the short to medium term, the bulk of Solana's ecosystem revenue still comes from the DeFi and Meme coin sectors. Although the DePIN sector, which has long been highly anticipated by the Solana Foundation and the Solana community, had a “dream start” with the SAGA phone, it has not yet fully opened up; the payments sector is still in its early development stage, with the stablecoin exchange pool project Perena, founded by former Solana Foundation member Anna Yuan, expected to bring new changes to the current situation, but it will still require time to attract more liquidity.
In the long term, the continued development of the Solana ecosystem still relies on a series of favorable crypto economic policies introduced after Trump officially takes office as President of the United States, allowing for a deeper integration of more funds, capital, and blockchain infrastructure construction with the U.S. economy, achieving a win-win situation for “ecosystem, token market value, and token price.”
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