Over the past few months the decentralized applications on Solana blockchain has much more revenue than the revenue generated from all dApps based on other blockchain, the report by Syndica dated April 18, says that the dApps on SOL generated $2.8 billion in revenue, around 47% greater than the revenue of dApps based on other blockchains.
Since October of last year, Solana and its revenue remained at peak, with its native token enjoying appreciable corrections, further registering an all-time high in the last month of 2024.
The surge in revenue and popularity of the Solana chain remains in the sky as it has become one of the top choices of users as well as developers.
Several other available reports underscore that Solana became more popular as the hype of memecoins was at its peak in the year 2024, and a set of data also notes that in terms of memecoin development and deployment, the SOL chain has topped the list among other chains.
Solana’s revenue is mainly driven by the crypto trading applications
The report by Syndica also notes that the revenue of Solana’s dApps has been majorly pushed by the crypto trading applications, which have increased volatility in earnings.
It is worth noting that at a time in December 2024, the revenue of SOL dApps reached $701 million, which opened opportunities for Solana tokens to achieve the all-time high of $294.33.
However, the revenue of dApps has further seen a decline in the coming months as it fell to $146 million in March, demonstrating a slump after the fading hype of memecoins and other blockchain-based products developed or deployed over Solana.
Pump(dot)Fun and Jupiter gathered more revenue than all
From the revenue that the Solana chain has gathered in March, Pump(dot)Fun solely brought $31 million, surpassing Jupiter, which collected only $22 million, and Axiom generated $19 million.
However, with time, several memecoin launchpads debuted in the market, which has sparked a competition for Pump(dot)Fun. Axiom, the launchpad-backed Y Combinator, is now seen hitting Pump(dot)Fun.
In terms of revenue in March, Axiom stands in third position with a dominance of 29%, and on the other hand, Jupiter remains one of the most popular and used, and it generates 93% of total DEX revenue on the SOL chain.
Solana Price Updates
According to data from CoinMarketCap, Solana is currently exchanging hands at $138.88 with an intraday correction of 2.34%, and in the past 7 days, the price is up by 12.34%.
Over the past 24 hours, Solana’s market capitalization has increased by 2.92% to $71.74 billion, and its trading volume has decreased by 21.07% to $2.47 billion.
As of writing, the price of Solana is above its 20 and 50 exponential moving averages, but if the bullishness continues, there are higher chances that it might soon surpass its 100 and 200-day exponential moving averages.
Experts see $164.72 as SOL’s upcoming resistance, followed by $180.73 and $206.65. On the other hand, the nearest supports of Solana are $112.88, $96.87, and $70.95.
