Solana (SOL-USD) applications saw a stunning 213% revenue surge in Q4 2024, fueled by memecoin trading frenzy, according to a Messari report. Cumulative app revenues leapt from $268 million to $840 million, peaking in November at $367 million.
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Memecoins Drive DeFi Boom
The report highlighted that Solana’s DeFi ecosystem flourished thanks to speculative trading. Leading the charge was Pump.fun, a memecoin launchpad, raking in $235 million in Q4 revenues—a 242% quarter-over-quarter increase. DeFi terminal Photon and decentralized exchange Raydium also posted strong gains, earning $140 million and $74 million respectively.
Messari noted that AI-related tokens also contributed to this uptick, with Solana now holding a commanding 56% market share for AI-driven applications.
Solana’s Market Position Strengthens
Daily trading volumes on decentralized exchanges surged 150%, hitting $3.3 billion, while Solana’s total value locked (TVL) reached $8.6 billion. It now ranks second only to Ethereum’s $57 billion TVL, per DefiLlama.
With a growing focus on both memecoins and AI tokens, Solana is poised for further growth. Bitget CEO Gracy Chen expects AI token market capitalization to soar to $60 billion in 2025, suggesting Solana may have more room to run.
At the time of writing, SOL is sitting at $202.01, down 14.6%, despite Q4’s impressive 213% app revenue surge driven by booming memecoin and AI token trading. This dip reflects broader market volatility caused by Trump’s U.S. tariffs on imports from China, Mexico, and Canada, which have heightened economic uncertainty and impacted risk assets like cryptocurrencies.
