Solana's DeFi Ecosystem Generates Record $365M in November 2024
Solana, a leading blockchain platform, has witnessed remarkable growth in its decentralized finance (DeFi) ecosystem. In November 2024, Solana-based dApps generated a record $365 million in revenue, with Raydium, the platform's leading decentralized exchange (DEX), earning $32 million, representing 86% of the total spot DEX revenue.
Solana's dominance in the DeFi space is undeniable. In the last 12 months, Solana DApps generated a staggering $2.9 billion in revenue, far surpassing the $1.8 billion from all other chains combined. This places Solana at the helm of the DApp revenue landscape, commanding over 50%, while Ethereum trails behind with 12.84%.
Raydium, Solana's leading DEX, has played a significant role in this success. In November 2024, it earned $32 million, contributing to the record-breaking month for Solana's DeFi ecosystem. Another prominent DEX, Jupiter, also reached a new revenue high of $22 million in April 2025.
Pump.fun, a memecoin launchpad, has been a significant driver behind Solana's revenue dominance. In its second month, it captured 42% of Solana's total DEX revenue, generating $5.6 million. Remarkably, it became the first Solana dApp to surpass $100 million in monthly revenue in November 2024, generating $630 million in the year, making it the third-highest earner in the crypto space.
Solana's meteoric rise in 2024 has solidified its position as a dominant force in the decentralized finance landscape. With a record-breaking month in November 2024 and a commanding lead in DApp revenue, Solana's future in the DeFi space looks promising. The explosive growth of memecoin platforms, such as Pump.fun, continues to drive this success, contributing significantly to Solana's impressive revenue figures.
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