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The Solana ecosystem is thriving, with decentralized applications (dapps) achieving unprecedented success. In November, dapps built on Solana recorded a milestone, generating a record-breaking $365 million in revenue, according to Syndica research. This figure significantly outpaced Solana’s network revenue, which stood at $92 million.
Key Highlights:
Top Performers: Over 30 protocols exceeded $1 million in revenue, with Pumpfun, a memecoin launchpad, leading the pack. Pumpfun alone contributed $106 million, accounting for 25% of Solana’s total dapp revenue.
Spot Dex Dominance: Raydium emerged as the leader in spot decentralized exchange (dex) revenue, reaching $32 million and representing 86% of total spot dex earnings.
Perpetual Contracts: Jupiter set a new revenue record at $17 million, supported by Phantom, its top-earning swap API partner.
Year-to-Date Trends:
Memecoin Surge: Memecoin-focused dapps dominated the revenue landscape, raking in over $500 million. Pumpfun and Photon emerged as major contributors.
Telegram Bots & Dexs: These categories followed with revenues of $300 million and $141 million, respectively.
Lending and Other Categories: Kamino Finance led the lending space with $2.9 million in earnings, generated through interest rate spreads, loan origination fees, and liquidation penalties.
Revenue distribution across categories:
DeFi Applications: 83.7%
Wallets: 9.6%
Infrastructure: 3.4%
NFTs: 2.2%
Gaming: 0.9%
Solana Ecosystem Growth
November marked a period of significant expansion for Solana’s ecosystem. Monthly trade volumes on decentralized exchanges (dexs) surpassed $100 billion, reflecting robust activity within the network.
With such remarkable performance, the Solana ecosystem is poised for continued growth, driven by its diverse range of high-performing dapps and the increasing popularity of decentralized finance solutions.
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