Solana network application revenues skyrocketed by 213% in the fourth quarter of 2024, reaching $840 million, according to a report by crypto research firm Messari. This surge was primarily fueled by increased memecoin trading activity, which dominated Solana's decentralized finance (DeFi) ecosystem in 2024.
Memecoin launchpad Pump.fun, a key contributor to this growth, saw its Q4 revenues jump 242% to $235 million. DeFi trading terminal Photon and decentralized exchange (DEX) Raydium followed closely, with Q4 revenues of $140 million and $74 million, respectively, both experiencing over 250% quarter-over-quarter increases.
The report highlights the significant impact of memecoin speculation and the rise of AI-related coins on Solana's application revenue growth. Jito, a blockbuilder, was the highest-grossing application not directly related to memecoin trading, generating $21 million in revenues.
Average daily DEX volume on Solana also surged by 150% to $3.3 billion in Q4. This growth is attributed to the increasing popularity of memecoins and AI tokens, which now command a combined market capitalization of approximately $190 billion.
Solana has emerged as the dominant blockchain for AI agents, holding a 56.48% market share. The total market capitalization of AI agent tokens is projected to reach $60 billion by 2025.
Despite the surge in application revenues, Solana remains the second largest blockchain network by total value locked (TVL) at $8.6 billion, trailing behind Ethereum with $57 billion.