Mind-Blowing Q4: Solana’s App Revenue Soars to $840M, Up 213%

1. Solana’s total app revenue surged 213% in Q4, hitting $840 million, with November leading at $367 million.
2. DeFi TVL on Solana grew 64% QoQ, reaching $8.6 billion, surpassing Tron in November.
3. Solana’s stablecoin market cap jumped 36% QoQ to $5.1 billion, with USDC maintaining a dominant 75% share.

Solana’s on-chain economy saw significant expansion in Q4, with total app revenue climbing 213% quarter-over-quarter (QoQ) to $840 million. November alone accounted for $367 million, showcasing a remarkable surge in network activity, accoridng to Messari recent report.

Several applications dominated in terms of driving such high revenue growth, with Pump.fun in first at $235 million, a 242% QoQ growth, Photon in second at $140 million, 278% QoQ, then Raydium at $74 million, 268% QoQ, and BullX at $73 million, 260% QoQ.

Source: Messari

This rapid expansion in revenue was fueled by heightened speculations in memecoin and AI-related tokens. Not a memecoin specifically, but a protocol, Jito ranked in tenth position with $21.4 million in revenue, a record 398% QoQ growth.

Solana’s DeFi TVL Surges 64% to $8.6B, Securing Second Place

The network’s DeFi ecosystem saw tremendous expansion, with Total Value Locked (TVL) rising 64% QoQ to $8.6 billion, becoming the runner-up DeFi network in terms of TVL. Raydium moved into first position, with its TVL increasing 86% to $2.1 billion and a 24% market share. In a narrow second position, Kamino’s TVL increased 23% to $1.8 billion.

Source: Messari

Meanwhile, Solana’s DEX marketplace saw a surge in activity, with its QoQ daily trading in spot rising 150% to $3.3 billion. Raydium led with a 242% increase in trading volume, with a 56% market share. Jupiter remained Solana’s most-used trading platform, with 38% of Solana’s Q4 trading in DEX, and perps trading increased 73%, with an 81% market share at quarter’s end.

Stablecoin and Market Cap Growth

The stablecoin market capitalization in Solana grew 36% QoQ to $5.1 billion, ranking it as the fifth-largest stablecoin network. USDC maintained its dominance with a 75% market share, growing 53% QoQ to $3.9 billion. In second position with an 18% market share, it grew 20% to $912 million.

Source: Messari

The overall activity in the network experienced a strong boost, with fee payers and non-vote transactions growing in a big manner. The fee payers averaged 171% QoQ to 5.1 million, and transaction fees increased 122% to an average of $0.05 per transaction. With these occurrences, Solana’s value rose 27% QoQ to $91 billion, a peak of $120 billion in November, then at rank six in all cryptocurrencies.

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