Solana app revenue surges 213% to $840M in Q4
Solana (CRYPTO:SOL) application revenues experienced a significant increase of 213% in the fourth quarter of 2024, reaching $840 million, according to a report by Messari.
This surge is primarily attributed to heightened memecoin speculation within the Solana network.
Cumulative app revenues grew substantially from $268 million in Q3 2024, peaking at $367 million in November.
Messari's report emphasises that the increase in revenue is mainly due to the rise in memecoin trading.
Pump.fun, a memecoin launchpad, generated $235 million in Q4 revenues, marking a 242% quarter-over-quarter increase.
DeFi trading terminal Photon and decentralised exchange (DEX) Raydium also saw substantial gains, with Q4 revenues of $140 million and $74 million, respectively, both experiencing over 250% growth.
Messari notes that these applications are directly linked to increased speculation in memecoins and AI-related coins launched during the quarter.
Average daily DEX volume grew by 150% to reach $3.3 billion in Q4.
Fueled by venture capital funding and political speculation, memecoins now command approximately $130 billion in market capitalisation.
Solana has emerged as a dominant blockchain for AI agents, holding a 56.48% market share.
Tokens tied to AI agents are expected to soar in value to a total market capitalisation of as high as $60 billion in 2025.
Solana continued to attract total value locked (TVL) in Q4, becoming the second largest blockchain network by TVL at $8.6 billion.
At the time of reporting, the Solana (SOL) price was $202.24.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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