Deep Dive: Solana DApps Revenue - January 2026

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Syndica Deep Dive: Solana DApps Revenue - January 2026

Part I DApps Revenue Overview

Solana now captures 41% of all Web3 DApp revenue, up from 33% in December. Solana led DApp revenue across chains for 21 consecutive months.

Global Web3 DApp revenue rebounded to $385M. Revenue rose 36% MoM across the broader market.

On Solana, DApp revenue climbed to $158M. The 72% MoM jump ended a five-month downtrend.

Revenue recovery was broad-based across Solana. 49 Solana protocols posted revenue gains in January, while just 13 declined.

Part II Top-Earning DApps

The top 8 DApps captured a record 78% of Solana DApp revenue. Revenue is increasingly concentrated, with fewer protocols capturing a larger share as the ecosystem scales.

Pump.fun earned $50M in January, up 50.1% MoM. The protocol launched Pump Fund, a new investment arm deploying $3M across 12 ecosystem projects via its “Build in Public” program, reinvesting cash flows into growth.

Terminal doubled its revenue to an ATH of $3.7M. Terminal (formerly Padre) is one of the fastest-growing memecoin DApps in this cohort over the past few months.

Jupiter revenue reached $9.9M in January, up 50.3% MoM. The protocol launched JupUSD, expanding its product surface. A $35M raise from ParaFi Capital and a new Ondo partnership for tokenized US stocks strengthened the protocol’s positioning.

Part III Infrastructure Revenue

Privacy Cash’s revenue hit an ATH as privacy heated up. Privacy Cash lets users deposit into a shielded pool and withdraw to a new address, breaking the onchain link between deposit and withdrawal. Deposits are free, while withdrawals cost 0.35% plus 0.006 SOL.

Sanctum revenue surged 168.6% MoM to $760k. This was the protocol’s sharpest monthly revenue increase.

Streamflow revenue grew to $132k. Increasing its product surface, the protocol announced USD+, a yield-bearing Solana stablecoin backed by US treasuries.

Metaplex revenue softened alongside Pump.fun’s Token-2022 migration in November. Since the shift, Token-2022 mints have exceeded SPL mints monthly. On Solana, monthly minting has favored Token-2022 for 3 consecutive months.

Jito revenue ticked up to $549k after five months of declines. Jito’s governance proposal JIP-34 proposes a 20M JTO budget for liquidity provisioning and ecosystem incentives, which could help stimulate revenue.

Part IV Physical Trading Card Games (TCG)

Physical trading cards became a durable Solana revenue category. Category revenue peaked at $10.3M in September and later stabilized around ~$3M. Even after the September spike, the baseline held in the low single-digit millions.

Part V DePIN Revenue

Solana DePIN revenue hit an ATH of $2.6M. Monthly revenue climbed in late 2025 and has held above $2M since. Helium accounted for 84% of Solana DePIN revenue. In early Jan 2026, the protocol paused HNT buybacks and redirected funds to subscriber growth.