- Solana’s app revenues surged 213% in Q4 2024, driven by the booming memecoin trade.
- Platforms like Pump.fun and Raydium saw massive growth, cementing Solana’s dominance in the blockchain space.
Solana has witnessed an explosive surge in application revenues, fueled largely by the memecoin trade. A recent report by Messari shows a stunning 213% increase in Solana’s app revenues, rising from $268 million in Q3 to $840 million in Q4 of 2024. This growth came as Solana became a hotspot for meme coins, driving the decentralized finance (DeFi) ecosystem to new heights.
Memecoin Trading Drives Revenue Surge
November 2024 marked the peak of this growth, with $367 million in revenue generated, thanks to the memecoin craze. Memecoins quickly became the driving force behind Solana’s success, dominating the blockchain’s DeFi sector.
Top Revenue-Generating Platforms
Among the top revenue-generating applications, Pump.fun, a memecoin launchpad, stood out with an impressive $235 million in Q4 alone. This marked a staggering 242% increase from the previous quarter. Alongside Pump.fun, Photon, a DeFi trading terminal, and Raydium, a decentralized exchange, both saw major success. Photon earned $140 million, while Raydium brought in $74 million, with each platform growing by over 250%.
AI and Memecoins Fuel Market Excitement
These applications contributed significantly to the excitement surrounding meme coins, with the rise of AI-related coins also adding to the mix. While memecoins were the main revenue driver, other platforms like Jito, a blockbuilder, ranked tenth with $21 million in revenue, benefiting from the overall boost in trading volume.
Decentralized Exchanges (DEX) Experience Explosive Growth
Solana’s decentralized exchanges (DEX) also saw impressive growth. The average daily volume surged by 150%, reaching $3.3 billion in Q4. This growth was largely fueled by meme coins and AI tokens, with the total market capitalization of memecoins hitting approximately $130 billion, according to CoinGecko.
Pump.fun’s Stellar Performance
In December, Pump.fun alone generated around $250 million in trading volume. Solana also solidified its position as a leader in the AI space, capturing 56.48% of the market share for AI agents. With predictions suggesting AI-related tokens could reach a $60 billion market cap by 2025, Solana is poised to remain at the forefront.
Solana’s TVL Growth and Future Outlook
As a result of the boom, Solana’s total value locked (TVL) reached $8.6 billion, making it the second-largest blockchain network by TVL. Ethereum continues to lead with a TVL of around $57 billion, but S’s growth trajectory remains impressive.
Solana’s Dominance in the Crypto Space
Solana’s revenue surge highlights the immense potential of memecoin trading and the rise of AI-related tokens. With applications like Pump.fun leading the charge, Solana’s blockchain ecosystem is proving to be a dominant force in the cryptocurrency space.
