Solana ecosystem performance in November from 16 pictures: pump.fun’s monthly revenue exceeds US$100 million

Author | Wenser, Odaily Planet Daily

The crypto market has experienced a general correction in recent days, but the performance of the Solana ecosystem last month was still extremely impressive, and it is expected to quickly repair the price and continue the ecological bull market.

According to statistics, in November 2024, Solana's native DApp earned US$365 million in revenue, a new monthly high; nearly 84% of the revenue came from the DeFi ecosystem, and wallets and infrastructure accounted for less than 15%. In addition, there are 20 Solana DApps with monthly revenue exceeding US$1 million, and pump.fun became “the first Solana protocol ever with monthly revenue exceeding US$100 million.” Odaily Planet Daily will combine the relevant reports of Syndica to sort out the relevant performance of Solana Ecosystem in November in this article for readers' reference.

Starting from Solana: Ecological revenue and protocol revenue both hit

new highs

According to statistics, in November, Solana’s ecological revenue and DApps revenue reached US$92 million and US$365 million respectively, both hitting “new highs for the year.” Among them, the former was only US$6 million at the beginning of the year, an increase of 15 times; the latter was only US$26 million at the beginning of the year, an increase of 14 times.

It is worth mentioning that 50% of Solana’s ecological revenue is mainly used for the repurchase and destruction of SOL tokens; DApps revenue statistics mainly come from head protocol data, which is incomplete statistics.

At the same time, according to Coingecko data, the price of SOL at the beginning of the year was only about 101 US dollars. It once broke through a new high of 263 US dollars on November 23 and has now fallen back to about 188 US dollars. The annual increase remains at about 88%.

 Solana Ecosystem and DApps Revenue Chart

Solana ecological protocol: pump.fun stands out, with 10 protocols with

monthly income exceeding 10 million

Another example of the rapid development of the Solana ecosystem is the number of protocols with outstanding income. Among them, 41 had monthly income exceeding US$100,000 in November; 20 had monthly income exceeding US$1 million; and monthly income exceeded US$10 million. There are 10; for those with monthly income exceeding US$100 million, there is only one pump.fun.

According to Syndica statistics, pump.fun took the lead in Solana protocol revenue in November with a revenue of US$106 million, thereby winning the title of "Solana Ecosystem's first monthly revenue exceeding US$100 million protocol"; other top-ranking Dapps Including Photon, Raydium, BullX, Trojan, BONKbot, Phantom, Jupiter and other DEX, Telegram Bot, wallet and other infrastructure projects.

 Solana ecological Dapps monthly income segmentation statistics 

 Top 8 data by protocol revenue

The main reason for Solana’s growth: DeFi sector is king, and the Meme

ecosystem has surged more than 300 times

According to statistics, 83.7% of Solana ecological protocol revenue comes from the DeFi sector; in contrast, wallet-related protocol revenue accounts for 9.6%; infrastructure project revenue accounts for 3.4%; NFTs sector revenue accounts for only 2.2%; game sector revenue The proportion is even smaller, accounting for only 0.9%; the smallest ones are the payment sector and DePIN sector, accounting for less than 1%.

From another perspective, there is still a lot of market space in the Solana ecosystem, and there is great potential in the game sector, payment sector, and DePIN sector.

In the DeFi sector where the Solana ecosystem dominates, Meme coins and protocols supporting Meme coins account for the largest share of revenue, with annual revenue as high as US$509 million; followed closely by the Telegram Bot sector, with annual revenue of US$300 million. ; Spot DEX ranks third, with annual revenue of $141 million. It is worth mentioning that the monthly revenue of Meme coin-related DApps increased from US$600,000 in January to US$183 million in November, a growth rate of 305 times, which can be called an “industry spectacle.”

In addition, thanks to pump.fun, Raydium has also become the "biggest beneficiary" of this sector. In November, the platform's monthly revenue reached US$32 million, far exceeding Orca and Lifinity, equivalent to 8 times Orca's monthly revenue; equivalent to 32 times Lifinity’s monthly revenue. In addition, since April, the ratio of DEX tokens' FDV to the protocol's monthly income has gradually stabilized, gradually remaining within the range of 85% ± 10%.

Thanks to the good performance of the project, Raydium repurchased a total of 5.4 million RAY in November, worth up to $28 million, for staker distribution.

 Solana ecological sector revenue share statistics 

 Meme coin-related DApps dominate the list 

 Meme currency-related DApps have grown at an alarming rate 

 Raydium leads the spot DEX track 

 RAY token holders enjoy Raydium spillover effects

A subdivided track with unlimited potential: Telegram Bot becomes an

ecological wealth-making machine

Also benefiting from the booming Meme currency ecosystem, Solana has also provided growth soil for a large number of Telegram Bots.

With the increase in DEX transaction volume, the overall revenue of Telegram Bot-related protocols reached US$82 million, which was twice the total revenue in October; accounting for 4.5% of the DEX transaction volume, and this proportion is becoming increasingly stable. BullX and Trojan have become the top two DApps on the track, with monthly revenue exceeding US$20 million, and total revenue approaching US$60 million.

 Telegram Bot becomes an expert in attracting money in subdivided tracks

"Super Application" of Solana Ecosystem: Jupiter's JLP becomes the best

target

In November, its protocol revenue grew to $17 million, driven by Jupiter’s perpetual contract. 75% of the perpetual handling fee is allocated to reward JLP LP, and the remaining 25% is returned to the Jupiter protocol. Therefore, JLP has become a popular investment target for the influx of funds.

As for partners who have integrated the JupiterSwap API, their overall protocol revenue has grown to US$153 million this year, with Phantom Wallet ranking first, with annual revenue of US$91 million; Solflare ranked second with US$31 million in revenue; Birdeye Aggregation platforms follow closely behind.

 Jupiter monthly income in 2024 at a glance 

 Jupiter Swap API Partner Revenue at a Glance 

 Phantom becomes the biggest winner

Solana ecological potential sector: lending, NFT, payment, DePIN

In November, Kamino, the leading lending platform in the Solana ecosystem, also performed extremely well. Its protocol revenue broke a new high, reaching US$2.9 million, of which 80% came from lending.

Metaplex, the Solana ecological NFT platform, is a "low-key to almost invisible" player. As the underlying blockchain protocol for almost all tokens, meme coins and NFTs on the Solana network, it also set a record high protocol revenue in November, reaching as much as 3.4 million US dollars; and its FDV/agreement revenue ratio also dropped from 273 in January to 113 in November. The stability of the project operation has improved a lot, and it has become less "puffy" than before. Its token, MPLX, once rose by more than 20% as the Metaplex Foundation announced the launch of the Aura network in September.

In the payment sector, many projects in the Solana ecosystem now seem to be on the eve of "explosion." Among them, the monthly revenue of the crypto payment company Helio increased from US$43,000 in January to US$316,000, an increase of nearly 7 times. This project charges a 2% handling fee for each transfer payment. HelioX NFT holders enjoy a 50% discount with only a 1% handling fee.

In the DePIN sector, the leading projects of the Solana ecosystem mainly include Render Network, Nosana, Helium, and Hivemapper. The monthly revenue of the four projects has grown steadily from about US$150,000 in January. The total revenue in November reached US$669,000, an increase of approximately is 446%. It is worth noting that the income calculation here is based on the destruction value of tokens such as RENDER, HONEY, and NOS, and is for reference only.

 Kamino becomes the leading lending platform 

 Metaplex FDV/revenue ratio drops significantly 

 Payment infrastructure is on the eve of an outbreak 

 The DePIN sector is making steady progress

Conclusion: Solana is still "walking on one leg" in the short and medium

term, and in the long term it hopes for the benefits of Trump's crypto economy

In the short and medium term, the majority of the Solana ecosystem's revenue is still in the DeFi and Meme currency sectors. The DePIN track, which has always been high hopes for the Solana Foundation and the Solana community, has not yet fully opened up despite the "dream start" of the SAGA mobile phone. The payment sector is in the early stages of development. The stablecoin exchange pool project Perena was founded by Anna Yuan, a former member of the Solana Foundation. It is expected to bring new changes to the current status quo, but it will still take some time to attract more liquidity.

In the long term, the sustainable development of the Solana ecosystem still relies on a series of crypto-economic related benefits launched by Trump after he officially took office as the US President, allowing more funds, capital and blockchain infrastructure construction to have a profound impact on the US economy. Combining to achieve a win-win situation of "ecology, token market value, and token price".