Solana Is Outperforming Major Layer 1s Not Only by Token Performance, But Also in Ecosystem Revenue

Researcher 0xGumshoe shared data today showing that Solana commands just over 50% of total dApp revenue for all of DeFi.

Solana is outperforming major Layer 1s not only by token performance, but also in ecosystem revenue.

Researcher 0xGumshoe shared data today showing that Solana commands just over 50% of total dApp revenue for all of DeFi. Meanwhile, Ethereum’s fee dominance has plunged to just 12.84%, putting it in a distant second.

“Solana went from nothing to EVERYTHING, from 0.3% to 50% of all App Revenue. For every $100 [of] app revenue in crypto, $50 is captured by Solana Apps. That's a 166x growth,” Gumshoe explained.

Solana’s revenue dominance is driven heavily by the success of memecoin launchpad PumpFun, which earned an astounding $630 million over the last year, only trailing stablecoin issuers Circle and Tether. The next highest earners over the last year are Solana-based wallet Phantom and Photon, a trading platform for Solana and Base memecoins.

Solana memecoin trading has completely taken over DeFi over the last year, and fueled the top revenue earners in 2024.

Top 10 DeFi Protocols by Revenue (Last Year)

* Tether: $9.6B

* Circle: $3.4B

* PumpFun: $630M

* Hyperliquid: $212M

* Tethers: $180M

* Lido: $174M

* Aave: $164M

* Sky (Maker): $88M

* Optimism: $76M

* Stellar: $71M

The DeFi protocols on Optimism also performed well in 2024, earning a collective $76 million over the last year. Stellar follows closely with $71 million, driven mainly by the Stellar Development Foundation.

On the other hand, Ethereum’s top protocols were mostly traditional DeFi dApps such as Sky (Maker), Lido, and Aave, which earned between $88 million and $180 million over the last year.

The outlier in the group is Hyperliquid, the perpetual decentralized exchange and Layer 1 blockchain, which earned $212 million over the last year. However, 20% of that revenue was earned in the last 30 days, indicating a higher revenue generation rate in the short term compared to most of last year’s top earners.