Solana Achieves Record-Breaking Growth: Q4 App Revenue Soars to $840M
Market intelligence firm Messari has reported an exceptional fourth-quarter performance for Solana ($SOL ) in 2024, marking a milestone in its growth trajectory. Solana's total application revenue surged by 213% quarter-over-quarter (QoQ), skyrocketing from $268 million in Q3 to an impressive $840 million in Q4. The network's most profitable month was November, generating $367 million in revenue. Standout projects like Pump.fun, which recorded $235 million in earnings (a 242% QoQ increase), and Photon, which saw 278% growth with $140 million in revenue, contributed significantly to this surge.
Solana Becomes the Second-Largest DeFi Network
The decentralized finance (DeFi) ecosystem on Solana experienced substantial expansion, with its total value locked (TVL) climbing 64% QoQ to reach $8.6 billion, surpassing Tron in November to become the second-largest DeFi blockchain. The SOL-denominated TVL also rose 28% QoQ to 46 million $SOL . Fueled by a resurgence in memecoins and the increasing popularity of AI-based tokens, average daily decentralized exchange (DEX) volume surged 150% QoQ to $3.3 billion. Meanwhile, Solana’s stablecoin market capitalization grew 36% QoQ to $5.1 billion, securing its place as the fifth-largest stablecoin network. USDC maintained its dominance, holding a 75% market share, with its total market cap climbing 53% to $3.9 billion.
Increased Network Activity & Market Strength
Solana's network engagement reached new heights, with daily fee-paying users growing 171% QoQ to 5.1 million, while new fee payers surged 189% to 3.8 million. The liquid staking rate increased 33% to 11.2%, with 66% of the eligible SOL supply staked. NFT trading activity also showed resilience, with average daily trading volume rising 7% QoQ to $2.7 million. Tensor led the NFT space with $103 million in total volume (14% growth QoQ),
Despite a 5% decline in staked SOL following the FTX estate’s token liquidation, Solana’s overall market capitalization rose 27% QoQ to $91 billion, peaking at $120 billion in November. At the end of Q4, SOL ranked as the sixth-largest cryptocurrency, trailing Bitcoin ($BTC ), Ethereum (ETH), Tether’s USDT, XRP, and Binance Coin (BNB).
