The total fees generated by Solana-based applications reached a record $365 million in November, with $106 million coming from the “meme token factory” Pump.fun, according to Syndica.

Pump.fun became the first Solana application to achieve nine-figure revenue in a single month.

The figure could have been even higher if not for a streaming shutdown at the end of November, which reduced fees by a third. The action was taken in response to the spread of inappropriate content.

Other top earners included the coin discovery platform Photon and the decentralized exchange Raydium. Since the beginning of the year, meme token dapps have earned $509 million, Telegram bots $300 million, and spot decentralized exchanges $141 million.

Meme token revenues have grown over 300 times this year. In January, this category generated $600,000 in fees, while in November, it surged to $183 million.

In 2024, 83.7% of all revenues from decentralized Solana applications were attributed to DeFi protocols, 9.6% to wallets, and the remaining 6.5% to infrastructure, NFTs, and games.

According to Token Terminal, in November, the Solana blockchain attracted 53% of all cryptocurrency users, surpassing all competitors combined.

⚡ JUST IN: $SOL captured 53% of global crypto users in November, surpassing all other chains combined. pic.twitter.com/OLfRfcOvCv
— Cointelegraph (@Cointelegraph) December 19, 2024

Earlier, NBC described the current crypto trend as a “carnival-casino” era amid the hype around meme tokens.

Notably, Solana founder Anatoly Yakovenko highlighted the benefits of this category of assets for the network.