Solana’s Q4 2024 Application Revenue Increases by 213%

YEREVAN (CoinChapter.com) — Solana’s application revenues increased 213% in Q4 2024, reaching $840 million, according to Messari. This was a sharp rise from $268 million in Q3. The highest revenue came in November, peaking at $367 million.

Memecoin trading remained the main driver of Solana’s decentralized finance (DeFi) sector, fueling most of the revenue growth.

Memecoin Activity Drives Market Expansion

The Pump.fun memecoin launchpad generated $235 million in revenue for Q4, marking a 242% increase from the previous quarter, according to Messari.

Other major contributors included Photon, a DeFi trading terminal, and Raydium, a decentralized exchange (DEX). Photon’s revenue reached $140 million, while Raydium reported $74 million. Both applications saw more than 250% growth quarter-over-quarter.

“These applications are directly related to the increase in speculation on meme coins and the rise of AI-related tokens,”

Messari stated in the report.

Jito Leads Among Non-Memecoin Solana-Based Applications

While memecoins dominated, Jito, a block builder, ranked 10th in revenue among Solana-based applications. It generated $21 million in Q4, benefiting from higher trading activity.

Meanwhile, Solana’s decentralized exchange (DEX) volume rose by 150%, with average daily trading volumes reaching $3.3 billion, Messari reported.

Memecoins and AI Tokens Continue to Grow

Memecoins now hold a $130 billion market capitalization, according to CoinGecko. The sector has been fueled by venture capital funding and political speculation.

In December 2024, Pump.fun saw $250 million in trading volume, based on DefiLlama data. The rise in speculative asset trading reflects Solana’s growing DeFi ecosystem.

Solana has also become the leading blockchain for AI agents, controlling a 56.48% market share, according to a January report from Bitget.

Gracy Chen, CEO of Bitget, stated that AI tokens could reach a $60 billion market capitalization in 2025.

Solana Increases TVL, Becomes Second-Largest Blockchain

Solana continued to gain total value locked (TVL), reaching $8.6 billion in Q4, making it the second-largest blockchain network, based on Messari’s data.

Despite the increase, Ethereum remains the largest blockchain, with a TVL of $58 billion, according to DefiLlama. Ethereum leads with 1,286 protocols and 406,900 active addresses, showcasing its dominance in the decentralized finance (DeFi) space.

Solana follows as the second-largest blockchain by TVL, holding $9.383 billion with 197 protocols and 4.24 million active addresses. This highlights Solana’s significant user base and increasing adoption, even as it trails behind Ethereum in overall value.

Bitcoin, ranked third, has a TVL of $6.815 billion with 53 protocols and 755,489 active addresses, reflecting its strong presence despite being less focused on DeFi applications.

Tron and Binance Smart Chain (BSC) occupy the fourth and fifth positions, respectively. Tron has a TVL of $5.622 billion, with 34 protocols and 2.23 million active addresses, while BSC holds $5.033 billion in TVL across 840 protocols, with 1.13 million active addresses.

Other notable blockchains include Base, with a TVL of $3.214 billion, and Arbitrum, holding $2.746 billion in TVL, both benefiting from robust protocol development and increasing user engagement.

Ethereum continued dominance, but the presence of emerging networks like Solana, Base, and Arbitrum shows that the DeFi landscape is becoming increasingly competitive.

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