Solana's Application Revenues Soar 213% in Q4 2024, Reaching $840 Million

Memecoin trading remained the main driver of Solana's decentralized finance (DeFi) sector, fueling most of the revenue growth.

Solana's application revenues soared by 213% in Q4 2024, reaching $840 million, fueled largely by memecoin trading, according to Messari.

The highest revenue was generated in November, peaking at $367 million.

Meanwhile, Solana's decentralized exchange (DEX) volume rose by 150%, with average daily trading volumes reaching $3.3 billion, the report noted.

Solana applications saw a massive increase in revenue from memecoin trading, which drove most of the growth in the decentralized finance (DeFi) sector on the blockchain, according to Messari's latest report.

In total, applications on Solana generated $840 million in revenue during Q4 2024, a sharp rise from the $268 million generated in Q3.

The highest revenue was generated in November, peaking at $367 million.

According to Messari, the Pump.fun memecoin launchpad generated $235 million in revenue for Q4, marking a 242% increase from the previous quarter.

Other major contributors included Photon, a DeFi trading terminal, and Raydium, a decentralized exchange (DEX), which saw their revenue increase by more than 250% quarter-over-quarter, reaching $140 million and $74 million, respectively.

“These applications are directly related to the increase in speculation on meme coins and the rise of AI-related tokens,” Messari stated in the report.

Jito Leads Among Non-Memecoin Solana Applications

While memecoins dominated the application revenue landscape on Solana, Jito, a block builder, managed to rank 10th among non-memecoin applications in terms of revenue, generating $21 million in Q4, largely driven by higher trading activity.

Solana DEX Volume Surges by 150%

Solana's decentralized exchange (DEX) volume also saw a significant increase during the quarter, rising by 150%, according to Messari's data.

The average daily trading volumes on Solana DEXs reached $3.3 billion.

Memecoins Continue to Expand in Crypto Market

Memecoins, known for their rapid price movements and strong community support, continue to grow within the cryptocurrency sector, now boasting a combined market capitalization of $130 billion, according to CoinGecko.

This growth is being fueled largely by venture capital funding and speculation in the markets.

According to DefiLlama, Pump.fun saw $250 million in trading volume in December 2024, while the rise in speculative asset trading reflects Solana's expanding DeFi ecosystem.

Solana also emerged as the leading blockchain for AI agents, controlling 56.48% of the market share, a report by Bitget in January revealed.

Gracy Chen, CEO of Bitget, stated that AI tokens could reach a $60 billion market capitalization in 2025.

Solana Ranks Second-Largest Blockchain by TVL

Solana also continued to gain ground in terms of total value locked (TVL), reaching $8.6 billion in Q4, which made it the second-largest blockchain network by TVL, according to Messari's data.

Despite the increase, Ethereum remained the largest blockchain by a significant margin, boasting a TVL of $58 billion, according to DefiLlama's data.

Ethereum led the pack with 1,286 protocols and 406,900 active addresses, showcasing its dominance in the decentralized finance (DeFi) space.

Solana followed closely as the second-largest blockchain by TVL, holding $9.383 billion with 197 protocols and 4.24 million active addresses, highlighting Solana's substantial user base and increasing adoption, even as it trails behind Ethereum in overall value.

Bitcoin, ranked third, had a TVL of $6.815 billion with 53 protocols and 755,489 active addresses, reflecting its strong presence despite being less focused on DeFi applications.

Tron and Binance Smart Chain (BSC) occupied the fourth and fifth positions, respectively. Tron had a TVL of $5.622 billion, with 34 protocols and 2.23 million active addresses, while BSC held $5.033 billion in TVL across 840 protocols, with 1.13 million active addresses.

Other notable blockchains included Base, with a TVL of $3.214 billion, and Arbitrum, holding $2.746 billion in TVL, both benefiting from robust protocol development and increasing user engagement.

As the year progressed, the presence of emerging networks like Solana, Base, and Arbitrum continued to heat up the competition in the DeFi landscape.