Author: Wenser, Odaily Planet Daily

In recent days, the cryptocurrency market has experienced a general pullback, but the Solana ecosystem performed exceptionally well last month, with the potential for a rapid price recovery and a continued 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 the revenue came from the DeFi ecosystem, while wallets and infrastructure accounted for less than 15%. Additionally, there were 20 Solana DApps with 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 based on relevant reports from Syndica for readers' reference.

Uncovering Solana: Ecosystem Revenue and Protocol Revenue Both Set 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, increasing 15 times; the latter was only $26 million at the beginning of the year, increasing 14 times.

It is worth mentioning that 50% of Solana's ecosystem revenue is primarily used for the buyback and destruction of SOL tokens; the DApps revenue statistics mainly come from leading protocol data and are not complete.

Meanwhile, according to Coingecko data, SOL** started the year at around $101, previously breaking through a new high of $263 on November 23, and currently has fallen back to around $188, maintaining an annual increase of about 88%.**

Solana Ecosystem and DApps Revenue Chart

Solana Ecosystem Protocols: pump.fun Shines Brightly, 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 statistics, pump.fun led the Solana protocol revenue in November with $106 million, earning the title of "the first Solana ecosystem protocol to exceed $100 million in monthly revenue"; other top DApps include Photon, Raydium, BullX, Trojan, BONKbot, Phantom, Jupiter, and other DEX, Telegram Bot, wallet, and infrastructure projects.

Solana Ecosystem DApps Monthly Revenue Segment Statistics

Top 8 Protocol Revenue Ranking Data

Main Growth Driver for Solana: 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 DeFi sector, which dominates the Solana ecosystem, Meme coins and protocols supporting Meme coins account for the largest share, 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 surged 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 has also become the "biggest beneficiary" of this sector, with a monthly platform 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 relative to protocol monthly revenue has stabilized, gradually maintaining within the range of 85% ± 10%.

Due to the project's strong performance, Raydium repurchased a total of 5.4 million RAY in November, worth $28 million, for distribution to stakers.

Solana Ecosystem Sector Revenue Share Statistics

Meme Coin Related DApps Dominate

Meme Coin Related DApps Show Incredible Growth

Raydium Leads the Spot DEX Sector

RAY Token Holders Enjoy Raydium Spillover Effects

Limitless Potential in Niche Sectors: Telegram Bots Become Wealth Creation Machines 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, doubling the total revenue of October; it accounted for 4.5% of DEX trading volume, 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 Bots Become Cash Cows 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 partners integrating the Jupiter Swap 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 ranks second with $31 million in revenue; followed closely by aggregation platforms like Birdeye.

Overview of Jupiter's Monthly Revenue in 2024

Overview of Revenue from Jupiter Swap API Partners

Phantom Becomes 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% of the revenue 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 almost all tokens, Meme coins, and NFTs on the Solana network. It also set a historical high for protocol revenue in November, reaching $3.4 million; its FDV/protocol revenue ratio has decreased from 273 in January to 113 in November, indicating improved project stability and reducing previous "inflation." Its token MPLX 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 explosion," among which, the crypto payment company Helio's monthly revenue grew from $43,000 in January to $316,000, an increase of nearly 7 times. This project charges a 2% fee for each transaction, and HelioX NFT holders enjoy a 50% discount, paying only a 1% fee.

In the DePIN sector, the leading projects in the Solana ecosystem mainly include Render Network, Nosana, Helium, and Hivemapper, with their monthly revenue steadily increasing from around $150,000 in January to a total of $669,000 in November, an increase of about 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 FDV/Revenue Ratio Decreases Significantly

Payment Infrastructure on the Eve of Explosion

DePIN Sector Steadily Progressing

Conclusion: Solana's Short to Medium Term Still Relies on "One-Legged Walk," Long Term Hopes for Trump's Crypto Economic Benefits

In the short to medium term, the main revenue of the Solana ecosystem still lies in the DeFi and Meme coin sectors. Although the DePIN sector, which has always been highly anticipated by the Solana Foundation and the Solana community, has had a "dream start" with the SAGA phone, it has not yet fully opened up; the payment sector is still in its early development stage, and the stablecoin exchange pool project Perena, founded by former members of the Solana Foundation, is expected to bring new changes to the current situation, but it still requires time to attract more liquidity.

In the long term, the continued development of the Solana ecosystem still relies on a series of crypto economic benefits introduced after Trump officially takes office as President of the United States, allowing more funds, capital, and blockchain infrastructure to achieve a deep integration with the U.S. economy, realizing a win-win situation for "ecosystem, token market value, and token price."