The Solana Ecosystem Maintained Its Strong Performance in November, and the Ecological Bull Market Is Expected to Continue

The crypto market has seen a general pullback in recent days, but the Solana ecosystem still performed extremely well last month, and it is expected that prices will recover quickly and the ecological bull market will continue.

The crypto market has seen a general pullback in recent days, but the Solana ecosystem still performed extremely well last month, and it is expected that prices will recover quickly and the ecological bull market will continue.

According to statistics, in November 2024, Solana native DApps earned $365 million in revenue, a monthly record high; nearly 84% of the revenue came from the DeFi ecosystem, and wallets and infrastructure accounted for less than 15%. In addition, 20 Solana DApps had monthly revenues exceeding $1 million, and pump.fun became "the first Solana protocol ever to have monthly revenues exceeding $100 million." Odaily Planet Daily will combine Syndica's relevant reports to sort out the performance of the Solana ecosystem in November in this article for readers' reference.

Solana: Ecosystem and Protocol Revenues Both Hit New Highs

According to statistics, in November, Solana ecosystem revenue and DApps revenue reached US$92 million and US$365 million respectively, both hitting "new highs this year". Among them, the former was only US$6 million at the beginning of the year, an increase of 15 times; the latter was only US$26 million at the beginning of the year, an increase of 14 times.

It is worth mentioning that 50% of Solana ecosystem revenue is mainly used for SOL token repurchase and destruction; DApps revenue statistics mainly come from head protocol data, which is an incomplete statistics.

At the same time, according to Coingecko data, the price of SOL was only around US$101 at the beginning of the year. It had previously broken through a new high of US$263 on November 23, and has now fallen back to around US$188. The annual increase remains at around 88%.

Solana Ecosystem Protocol: pump.fun stands out, with 10 protocols generating monthly revenue exceeding 10 million

Another example of the rapid development of the Solana ecosystem is the number of protocols with impressive revenues. In November, 41 protocols had monthly revenues exceeding $100,000; 20 protocols had monthly revenues exceeding $1 million; 10 protocols had monthly revenues exceeding $10 million; and only one protocol, pump.fun, had monthly revenues exceeding $100 million.

According to Syndica statistics, pump.fun ranked first in Solana protocol revenue in November with a revenue of US$106 million, thus winning the title of "Solana ecosystem protocol with revenue exceeding US$100 million in the first month"; other top Dapps include Photon, Raydium, BullX, Trojan, BONKbot, Phantom, Jupiter and other DEX, Telegram Bot, wallet and other infrastructure projects.

Solana's growth is mainly due to the DeFi sector, and the Meme ecosystem has skyrocketed more than 300 times

According to statistics, 83.7% of Solana ecosystem protocol revenue comes from the DeFi sector; in contrast, wallet-related protocol revenue accounts for 9.6%; infrastructure project revenue accounts for 3.4%; NFTs sector revenue accounts for only 2.2%; the game sector revenue accounts for even less, only 0.9%; the smallest is the payment sector and DePIN sector, accounting for less than 1%.

From another perspective, there is still a lot of market space in the Solana ecosystem, and there is great potential in the gaming, payment, and DePIN sectors.

In the DeFi sector dominated by the Solana ecosystem, Meme coins and protocols supporting Meme coins accounted for the largest share of revenue, with annual revenue of $509 million, followed by the Telegram Bot sector, with annual revenue of $300 million, and spot DEX ranked third with annual revenue of $141 million. It is worth mentioning that the monthly revenue of Meme coin-related DApps increased from $600,000 in January to $183 million in November, a growth multiple of 305 times, which can be called an "industry wonder."

In addition, thanks to pump.fun, Raydium has also become the "biggest beneficiary" of the sector. In November, the platform's monthly revenue reached 32 million US dollars, far exceeding Orca and Lifinity, equivalent to 8 times the monthly revenue of Orca; equivalent to 32 times the monthly revenue of Lifinity. In addition, since April, the ratio of FDV of DEX tokens to the monthly revenue of the protocol has gradually stabilized and gradually remained in the range of 85%±10%.

Thanks to the good performance of the project, Raydium repurchased a total of 5.4 million RAYs in November, worth up to US$28 million, for distribution to pledgers.

A niche track with unlimited potential: Telegram