MILESTONE | Solana Now Commands Over 50% in Total DApp Revenue – Ethereum Declines Below 13%

Solana’s meteoric rise in 2024 has firmly established it as a dominant force in the decentralized finance (DeFi) landscape. The blockchain now commands over 50% of total DApp revenue, surpassing Ethereum, which has seen its share decline to just 12.84%.

In the last 12 months, Solana DApps generated $2.9B in revenue, far surpassing the $1.8B from all other chains combined.


This explosive growth is only expanding. In the last 12 months, Solana DApps generated $2.9B in revenue, far surpassing the $1.8B from all other chains combined.

A significant driver behind Solana’s revenue dominance is the explosive growth of memecoin platforms.

Leading the charge is Pump.fun, a memecoin launchpad that generated an astounding $630 million over the past year [2024], making it the third-highest earner in the crypto space after stablecoin giants Circle and Tether.

Launched in March 2024, the memecoin AMM has already captured 42% of Solana’s total DEX revenue, generating $5.6 million in its second month.


In November 2024 alone, Pump.fun made history by becoming the first Solana dApp to surpass $100 million in monthly revenue.


Other notable contributors include:

• Photon, a trading platform for Solana and Base memecoins, and
• Phantom, the Solana-based wallet.

Collectively, memecoin dApps on Solana amassed $509 million in revenue in 2024, marking a staggering 305-fold increase from January’s $600,000.

Pump.fun and Axiom Exchange dominated the Solana DApp revenue landscape in April. Pump.fun generated $54 million, with Axiom close behind at $52 million.


Beyond memecoins, Solana’s broader DeFi ecosystem has seen remarkable growth. In November 2024, Solana-based dApps achieved a record $365 million in revenue, with DeFi applications accounting for 83.7% of this total .

• Raydium, Solana’s leading decentralized exchange (DEX), earned $32 million that month, representing 86% of the total spot DEX revenue.
• Jupiter, another prominent DEX, reached a new revenue high of $22 million in April 2025, driven by its Jupiter Pro advanced trading interface, sophisticated analytics, a perpetual trading feature, and Swap API.
• Telegram bots have also emerged as significant players, generating $300 million in revenue throughout 2024.

Solana’s impressive revenue figures are mirrored by its growing developer and user base. The blockchain broke fee and DEX volume all-time highs multiple times in 2024, attracting significant developer interest . This surge in activity underscores Solana’s position as a leading platform for DeFi innovation.

Solana’s ascendancy in the DeFi sector is a testament to its robust ecosystem and the innovative applications built on its platform. With memecoins, DeFi protocols, and user-friendly tools driving unprecedented revenue growth, Solana is poised to maintain its leadership in the decentralized finance arena.

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