Deep Dive: Solana DApps Revenue - December 2024

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Syndica Deep Dive: Solana DApps Revenue - December 2024

Solana DApp revenue outpaced the chain in 2024. Underscoring the strength of the ecosystem, DApps collectively pulled in five times Solana’s own revenue, hitting $1.6B.

Q4 set a new Solana DApp revenue benchmark. DApp revenue grew 2.8x its previous high in Q2. Higher revenues can draw more developers, fueling a virtuous cycle that strengthens the entire ecosystem.

Solana DeFi revenue led the ecosystem the entire year. DeFi’s slice of the pie jumped from 64% to 88%, cutting share from sectors like NFTs and Gaming.

Most Solana ecosystem segments experienced significant revenue growth in 2024. Despite a brief dip in December, the year's overall trend remained well above the start.

7 Solana DApps eclipsed $100M in annual revenue. Pump.fun, Photon, and Raydium finished as the top 3 highest-revenue Solana DApps in 2024.

Pump.fun and Photon dominate in memecoin DApp revenue. Both have pulled in >$10M monthly revenue since March; collectively, they command a striking 93% of this sector's overall revenue.

Vector.fun revenue and adoption soared in its first 4 months. Vector.fun is a new memecoin trading mobile DApp developed by the Tensor team.

Telegram bots have proliferated, driving revenues 6.6x in 2024. Fresh entrants have made the space fiercely competitive; among them, BullX and Trojan have seen their revenues capture a majority.

Raydium flipped Orca in revenue last year. Raydium's market share started at 39% in early 2024 and grew MoM, reaching 84% by year-end.

Jupiter has become a revenue powerhouse. Jupiter's monthly revenue grew 7x since the start of the year. Users fueling Jupiter’s revenue growth can expect an enhanced airdrop during Jupuary through the 'Expert Trader' allocation.

Jupiter reached 84% of Solana perp DEX revenue share. It stands as the leader among Solana perp DEXes with Drift and Flash Trade following.

Jupiter’s Swap API opened new revenue opportunities for Solana projects. Leading wallets like Phantom and Solflare capitalized on their large user bases by integrating this solution. In affiliate revenue for 2024, they amassed $108M and $33M respectively.

Solana DePIN projects achieved an ATH in revenue. Render (GPUs), Helium (Wireless Bandwidth), and Hivemapper (Map Data Collection) all posted new records in revenue and demand.

Mobile has become the lifeblood of Helium’s revenue. It now accounts for a commanding 98% of the protocol's revenue share. Helium Mobile's strategy includes partnerships with major telecom providers for data offloading.

Solana’s NFT marketplaces rose back above the $1M revenue mark. Magic Eden’s $ME and Pudgy Penguin’s $PENGU token launches in December provided fresh inflows into the NFT sector. Tensor's $TNSR Season 4 airdrop will be available for claim in January 2025.

Kamino Finance had a breakout 2024. Fueled by Kamino Lend, the protocol reached a fresh ATH of $3.8M in revenue last month, soaring 11x since the start of the year.

Metaplex rides the memecoin and AI agent wave. Memecoin creation via pump.fun has significantly boosted Metaplex revenue. Additionally, AI agents can now autonomously interact with all Metaplex programs. 50% of revenue goes to $MPLX buybacks, hitting record highs in the last 2 months.