As a researcher who has been closely following the blockchain and crypto space for several years, I must admit that the growth and evolution of Solana’s ecosystem have been nothing short of astonishing. The record-breaking revenue figures, particularly from meme coin-related transactions and tools, are a testament to the platform’s versatility and adaptability.
Application earnings from the Solana network hit an all-time peak, primarily driven by transactions involving meme coins and related tools.
As a researcher delving into the realm of blockchain networks, I’ve uncovered an interesting fact: Solana’s (SOL) indigenous DApps raked in a record-breaking $365 million in revenue during November 2024, marking a new peak for this widely-used layer-1 network.
As a financial analyst, I’d note that Solana’s Decentralized Finance (DeFi) ecosystem has been a significant draw for revenue generation. Last month, DeFi activities involving SOL accounted for approximately 84% of the total funds raised, overshadowing other sectors such as wallets and infrastructure, which garnered less than 15%.
In terms of DeFi earnings, meme coins and related protocols have been leading the way in SOL’s revenue. The monthly income from DApps involving meme coins skyrocketed by approximately 305 times in the year 2024, amassing more than $500 million. Pump.fun, a popular platform for launching meme tokens in crypto space, was the top earner within Solana protocol last month with a revenue of $106 million, marking a significant milestone for this emerging project.
In a significant development, Telegram bots have firmly established themselves within the SOL ecosystem. This specific category has become the second largest revenue source, trailing only meme coin Decentralized Applications (DApps), accumulating more than $300 million this year. These popular bots, such as Trojan, Banana Gun, and BONKbot, are frequently utilized by meme traders for investing in the latest trendy launches directly from Pavel Durov’s private messaging platform.
Meme coins and meme coin DApps may be Solana’s main characters, but the ecosystem rapidly expanded to include several active players. Syndica’s research reported a parabolic jump in “high-quality players” within SOL’s ecosystem. Researchers noted an increase in protocols earning over $10,000 to $10 million monthly revenue.
The report highlighted SOL’s Decentralized Physical Infrastructure as a major sector in the early stages of revenue generation. DePIN, as crypto natives call it, refers to maintaining and providing real-world services like servers using individual blockchain resources.
Lately, there’s been a significant increase in demand for the services provided by companies like Render, Nosana, Helium, and Hivemapper, leading to substantial income growth. Among these, Render’s decentralized computing network is currently generating the most revenue in the Decentralized PIN (Processing, Information, and Networking) sector.
Syndica report
Read More
- AI16Z PREDICTION. AI16Z cryptocurrency
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- POL PREDICTION. POL cryptocurrency
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- Li Haslett Chen to Leave Warner Bros. Discovery Board
- ‘Kraven the Hunter & ‘Madame Web’ Box Office Disaster Blamed on Media Scrutiny
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- Shiba Inu, Bonk, Pepe prices rebound: Beware of dead cat bounce
- Crypto x AI makes up just 1% of crypto market cap, says analyst
- Springfield man is convicted for using crypto to finance ISIS operations
2024-12-18 23:20