Application revenues on the Solana network surged by 213% in Q4 2024, reaching $840 million, up from $268 million in Q3. This increase was largely driven by memecoin trading, which constituted a significant part of Solana's decentralized finance (DeFi) ecosystem. The report from Messari highlighted that revenues peaked at $367 million in November. Key contributors included the memecoin launchpad Pump.fun, which generated $235 million in Q4. This was coupled with substantial gains in DeFi applications like Photon and Raydium, achieving revenues of $140 million and $74 million, respectively. Memecoins and AI tokens are currently dominating market trends, with memecoins commanding around $130 billion in market capitalization. Solana's total value locked (TVL) climbed to $8.6 billion, making it the second largest blockchain by TVL, following Ethereum. Overall, Solana's growth can be attributed to increased trading activity and the introduction of new meme and AI-related tokens.

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