Solana Ecosystem’s Monthly Revenue Hits All-time High

Layer 1 blockchain Solana and its ecosystem of decentralized applications (dApps) are generating a record amount of revenue, according to a Dec. 27 report from crypto infrastructure provider Syndica.

In November, Solana hit a new all-time high of $92 million in monthly revenue. Its dApps also followed suit, generating an all-time high of $365 million in monthly revenue.

“Almost all dApps revenue comes from DeFi. Specifically, 83.7% of dApps’ revenue is generated by DeFi, compared to other sectors such as wallets, infrastructure, etc,” Syndica wrote.

Solana's recent achievement of over $90 million in monthly revenue is notable, especially when compared to Ethereum's figures. Ethereum is hovering in at around $400 million for monthly revenue this month but dipped to around $100 million in September.

This comparison highlights Solana's growing presence in the blockchain ecosystem, as it achieved substantial revenue figures that almost surpassed those of Ethereum during its recent downturn.

Pumpfun led the way among Solana dApps, generating $106 million, more than a quarter of the total revenue. It became the first Solana dApp to exceed $100 million in monthly revenue, driven by the surge in memecoin interest on the network.

This year, memecoin dApps like Pumpfun and Photon have generated over $500 million in revenue, the most of any dApp category on Solana. Syndica data shows the category 305xd its revenue this year, going from $0.6 million in January to $183 million in November.

Telegram bots and Spot Decentralized Exchanges (DEXs) are the second and third best-performing categories, with $300 million and $141 million generated.

Meanwhile, automated market maker (AMM) Raydium is boosting spot DEX revenue. It generated $32 million in November, 86% of the total spot DEX revenue of $37 million.

Network Updates

Revenue aside, Solana network activity has also surged in the last month. On Dec. 17., it processed an all-time high of 67 million transactions, followed by 64.7 million on Dec. 18.

However, despite the spike in network activity, Solana’s price has been down 14.2% in the last seven days, according to Coingecko data. The upcoming token unlock in March could be related to this.