TechFlow reports, according to the latest research report from Syndica, the Solana ecosystem experienced significant growth in November, generating $92 million in on-chain revenue and setting a record high of $365 million in total DApp revenue. Among them, Pump.fun became Solana's first DApp to surpass $100 million in monthly revenue, reaching $106 million and accounting for 26% of the ecosystem's total income. DeFi applications contributed 83.7% of the revenue, with meme coin apps earning over $500 million throughout the year—an increase of 305 times compared to $600,000 in January. Telegram trading bots doubled their revenue to $82 million, consistently capturing 4–5% of DEX trading volume.
DEX platform Raydium generated $32 million in revenue in November, representing 86% of spot DEX total revenue, and repurchased $28 million worth (approximately 5.4 million) RAY tokens distributed to stakers. Jupiter achieved a new revenue high of $17 million through its perpetual contracts business, with 75% of earnings rewarded to JLP liquidity providers. Phantom wallet reached an annual revenue of $91 million, while Solflare achieved $31 million. Lending platform Kamino Finance hit a record high revenue of $2.9 million, with 80% coming from lending activities. Payment infrastructure Helio saw a sevenfold revenue increase to $316,000.
