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Pump.Fun, the leading dapp on the Solana blockchain, continues to record mind-blowing numbers, increasing its revenue in the month of November.
The memecoins once again play a crucial role in this context, responsible for the strong flow of speculations and the increase in trading volumes.
Overall, the dapps based on memecoin have collected 509 million dollars in 2024, with Pump.Fun leading the ranking.
Let’s see all the details below.
Pump.Fun: the revenues of the largest dApp in the Solana ecosystem rise to $106 million in the month of November
The dapps on Solana experienced a strong surge in earnings throughout the month of November, driven by the launchpad of memecoin Pump.fun.
According to the data from the Syndica platform, in the last month, the decentralized applications of the chain reported revenues amounting to 365 million dollars.
This is a very high figure compared to industry standards, the result of a great deal of trading activity by meme coin enthusiasts.
Pump.Fun in particular stands out from the list of dapps with a revenue of 106 million dollars, despite having faced quite a few problems recently.
Other important contributors to the revenues on Solana are the token research platform Photon and the famous decentralized exchange Raydium.
Very interesting to highlight that in 2024 the profits for the dapps working with memecoins have grown by over 300 times.
Think that in the month of January these generated just 600,000 dollars in revenue while in November the category soared above 183 million dollars.
From Syndica’s analysis, it emerges that 83.7% of all annual revenues of dapps on Solana belong to the DeFi category.
The wallets represent 9.6% of the earnings while the remaining 6.5% comes from infrastructure, NFT, and gaming applications.
Source: https://syndica.io/blockchains/solanaPump.Fun still leads the memecoin market
In November, Pump.Fun, the top revenue dapp of the Solana ecosystem, was at the center of some criticism due to the permissionless nature of the platform.
On November 25, the application was attacked by a long list of users who reported the presence of acts of violence, and illegal activities within its livestream section. In response, Pump.Fun indefinitely suspended this feature, preventing memecoin creators from performing in videos to attract attention.
Among the numerous livestreams, various colorful methods stand out, implemented by devs to induce investors to purchase their coins. Without mentioning obscene acts and ridiculous performances, we report as an example this guy who showed in a live a sheet with the words “No hands, no rug” implying that he would not be able to rug the token.
Obviously, we know how it ended.
A week after the interruption of the livestreaming service, the revenues of the dap plummeted by 66%, dropping from 33.8 million dollars between November 18 and 24 to 11.3 million dollars in the last week of the month.
Despite this, Pump.Fun still closed the month with an impressive revenue of 106 million dollars, a significant increase compared to October.
On November 23, in just one day, the Solana dapp raked in a whopping 14 million dollars, significantly boosting the monthly revenues.
The total revenue of the platform is currently almost 320 million dollars, a result of the more than 4.8 million tokens launched on it.
From the beginning of October onwards, there has been a push in the generation of new memecoins, which has led to higher trading volumes, inducing a greater flow of capital on the blockchain.
Source: https://dune.com/adam_tehc/pumpfunSome on-chain metrics on Solana and its dapp landscape: focus on DEX and NFT
Very interesting to observe the evolution of the Solana dapp landscape, which currently has a TVL of 8.9 billion dollars.
Setting aside the memecoin sector, which has been thoroughly analyzed previously, let’s see how the DEX and NFT sections are moving.
Regarding decentralized exchanges, it is important to highlight the significant growth in trading volumes recorded from December 2023 to today.
Within the span of a year, the volumes have increased by about 8 times, going from 1 to approximately 8 billion dollars for a single day of trading.
On November 23, the day of the Pump.Fun boom, the volumes of all DEX reached the incredible figure of 17 billion dollars.
Among the strongest dapps in this sector, we find Raydium in first place, followed by Orca, Meteora, Pump.Fun, Lifinity, and GooseFX.
As for the NFT sector, we see an exactly opposite trend, with marketplace volumes that were skyrocketing in December and have now plummeted.
A year ago, the trading volumes for the buying and selling of non-fungible tokens had reached over 20 million dollars per day, while today we are at 4 million.
Despite the small Q4 rally, marketplaces like Tensor and Magic Eden have lost the traction that had brought great profits at the end of 2023.
It is also worth highlighting the loss of market share of Magic Eden in favor of competitor dapps in recent months, due to the ME airdrop that drove away many farmers.
Source: https://dune.com/21co/solana-key-metrics
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