Solana Dominates DeFi with $2.9B Revenue, Powered by Memecoins
Solana has emerged as the leading force in decentralized finance (DeFi), capturing over 50% of total DApp revenue in 2024. This remarkable rise saw it surpass Ethereum's share, which declined to 12.84%.
The meteoric growth of memecoin platforms has been a significant driving factor behind Solana's dominance. In the november 2024 calendar, Solana's broader DeFi ecosystem generated a record $365 million in revenue, with Pump.fun, a memecoin launchpad, contributing $630 million in 2024 alone, making it the third-highest earner in the crypto space.
Raydium, Solana's leading decentralized exchange (DEX), earned $32 million in november 2024, representing 86% of the total spot DEX revenue. Another prominent DEX, Jupiter, reached a new revenue high of $22 million in April 2025, driven by advanced features and Swap API. Pump.fun, itself a Solana dApp, became the first to surpass $100 million in monthly revenue in november 2024, capturing 42% of Solana's total DEX revenue in its second month.
Solana's rise in the DeFi space is undeniable, with its DApps generating $2.9B in revenue over the last 12 months, surpassing the $1.8B from all other chains combined. Despite the anonymity of the team behind Pump.fun, their successful dApp has significantly contributed to Solana's ecosystem and revenue dominance.
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