Solana Achieves $840 Million App Revenue in Q4 2024
A report by Messari indicates that Solana (SOL) achieved remarkable growth in Q4 2024, marking a historic performance for a blockchain.
Key Highlights
- Chain GDP rose 213% QoQ from $268 million in Q3 to $840 million in Q4; November generated $367 million.
- Pump.fun and Photon led revenue increases with 242% and 278% QoQ growth, earning $235 million and $140 million, respectively.
- Total value locked (TVL) in DeFi increased by 64% QoQ to $8.6 billion, making Solana the second-largest DeFi network after surpassing Tron.
- DeFi TVL in SOL grew by 28% QoQ, totaling 46 million SOL; average daily DEX volume surged by 150% QoQ to $3.3 billion.
- Stablecoin market cap rose 36% QoQ to $5.1 billion; USDC's market cap increased by 53% to $3.9 billion, holding a 75% market share.
- Liquid staking rate climbed 33% to 11.2%, with 66% of eligible SOL staked, supporting yield-bearing activities.
- NFT market showed a 7% QoQ rise in average daily volume to $2.7 million; Tensor generated $103 million while Magic Eden declined to $68 million.
- Average daily fee payers increased by 171% to 5.1 million, with new fee payers up by 189% to 3.8 million.
- Average transaction fee increased by 122% QoQ to $0.05 due to heightened network activity amid favorable regulatory speculation.
- Staked SOL decreased by 5% due to FTX estate token unlocks; SOL’s market cap grew by 27% to $91 billion, peaking at $120 billion in November.
- SOL ranked sixth in market cap among cryptocurrencies, trading at $199, down 22% over two weeks amid macroeconomic challenges.
