Which Solana Apps Generated the Most Revenue in 2024?

Solana has been front and center of onchain activity this year. Which apps have led the charge?

Published: Dec 27, 2024 at 13:33
Edited: Dec 27, 2024 at 13:34

Solana’s sensational 2024 has been something of a gold rush for network participants, with hundreds of tokens like $MOODENG, $PNUT, and $GOAT delivering astronomical gains.

While traders dig deeper into the trenches looking for the next 100X, projects delivering Solana’s picks and shovels have generated staggering amounts of revenue. Throughout the year, Solana’s essential apps regularly featured among the industry’s top earners.

Which Solana-based applications shone in 2024, and what can we expect in 2025?

pump.fun, Trading Tools Cash in on Memecoin Mania

Memecoins have undoubtedly been the biggest driver of Solana’s growth and adoption throughout the year. Inspired by the rags-to-riches stories of overnight millionaires, millions of wallets have poured funds into Solana’s memecoin casino in 2024.

Aside from the blockchain protocol itself, Solana’s litany of trading platforms have been the biggest benefactors of this meteoric adoption.

Defillama

According to DefiLlama data, pump.fun, Solana’s viral token launcher, recorded the highest consistent revenue generation, recording an average of $29.21M in monthly revenue in 2024.

Pump.fun has consistently generated millions of dollars in revenue on a daily basis in Q4, recording an all-time high of $14.3M on November 23, based on Dune Analytics data.

Hot on pump.fun’s trail, Photon was Solana’s second-biggest cash cow, generating approximately $19.56M in average monthly revenue.

memecoin dapps

Further reinforcing the undeniable strength of Solana’s memecoin economy, Syndica reports that memecoin dApp revenue is up 305x this year, dramatically outperforming the network’s other sectors.

Meanwhile, other key Solana DeFi players enjoyed all-time high revenue generation in 2024, with some projects redirecting millions into token value accrual through buyback and burn mechanisms.

raydium buyback

Based on Top Ledger data, over $34 worth of $RAY has been bought back off the market, funded entirely by the platform’s revenue generation.

DePIN Revenue Explodes in H2

Moving away from memecoins to more tangible products, Solana’s DePIN scene witnessed unprecedented adoption in the second half of the year.

Protocols like Helium and Hivemapper are enjoying surging growth rates. According to bee maps, Hivemapper now provides coverage on 29% of the world’s roads, while Helium’s offloaded data has risen by over 10,200% since the previous quarter.

Solana’s astronomic DePIN adoption has translated into surging revenue for associated projects, as evidenced by Syndica data.

Depin Revenue

While DePIN revenue generation is still considerably lower than DeFi, the sector’s steady growth is backed by emerging businesses creating real-world value. Data and services collected by DePIN networks are finding PMF with Web2 clients. This suggests these protocols will continue generating sustainable revenue, regardless of wider crypto market dynamics.

NFT Platforms Struggle

Despite Solana enjoying a veritable gold rush throughout 2024, the network’s languishing NFT scene has struggled to return to its former glory. NFT-related applications have struggled to compete with rival sectors in terms of revenue generation.

Throughout 2024, Solana has been the most popular blockchain among NFT traders and collectors, boasting more users than the second and third-placed chains combined.

nft revenue

Unfortunately, this didn’t translate into NFT revenue dominance, with the Bitcoin Ordinal and BRC-20 scene leading NFT markets. According to NFTPulse data, Solana NFT scene generated $27.4M in onchain trading revenue, with Magic Eden commanding the 57% of NFT market share.

However, NFTs are widely considered late-market cycle assets, meaning that Solana’s once-thriving NFT scene may witness a resurgence in 2025.

All things considered, DeFi and blockchain infrastructure remain the biggest winners in revenue generation. Apps that manage to provide critical services and attract attention, like pump.fun, are well-positioned to outperform rivals and