Solana Outpaces Rivals as App Revenues Surge in Crypto Revival

Solana’s apps just pulled in $840 million in revenue—way up from $268 million last quarter! What’s behind this massive jump? A crypto market revival, more user activity, and a wave of short-term traders chasing memecoins and AI-linked tokens have all played a role.

November was a milestone month for Solana, bringing in $367 million—a record high. The standout winners? Pump.fun ($235M) and Photon ($140M), while Raydium, a decentralized exchange, despite its reputation, only secured third place with $74M. These platforms dominate because they enable token creation and trading, a model proving highly lucrative.

The highest application not directly related to memecoin trading was Jito at 10th with $21.4 million in revenue, a 398% QoQ increase,

— Messari report reads.

A crucial figure to note is Solana’s Revenue Capture Ratio (102.5%), meaning its apps generate more money than users spend in fees. This success is powered by advanced revenue strategies, including trading fees, token listings, and MEV-driven optimizations, reshaping how blockchains capture value.

The Blockchain Race—Solana vs Its Rivals

As the crypto market recovers, Solana is once again a top contender, leading the charge in the next evolution of digital assets. Unlike Ethereum, which still struggles with high gas fees and slow transactions, Solana is fast, cost-efficient, and developer-friendly—a winning combination for traders and builders alike.

But it’s not a one-horse race. Binance Smart Chain, Base, and Avalanche are leveling up, aiming to offer the same advantages. One thing’s for sure—healthy competition pushes the entire industry forward, and the battle for dominance is far from over. 

Related: Solana Dominates New Token Launches with 89% Share

A prime example is PancakeSwap, a leading decentralized exchange on BNB Chain, which generated over $350 million in revenue last quarter, according to DefiLlama. Sadly, the rest of the network’s projects aren’t even close to matching that success.

Meanwhile, Coinbase’s L2 solution, Base, saw Uniswap take the top spot with $100 million in revenue. Not bad—but compared to Solana’s numbers, it’s hardly a competition.

I think there will always be some sort of creator coin type of ecosystem. But getting away from memecoins, specifically in other apps…I think gaming will eventually have some sort of say on chain,

 said Matthew Ney, the report’s author.

The meteoric rise of Solana’s app revenue is a lesson in blockchain growth. The winning formula isn’t a mystery: superior technology, unmatched speed, low-cost transactions, and strong partnerships with key applications—a model others must follow to stay competitive.

Read on: VanEck Sees Solana Hitting $520 by Year-End in Bullish Bet