Application revenues on the Solana network surged by 213% in the fourth quarter of 2024, reaching $840 million from $268 million in the previous quarter, according to a Messari report. The highest revenue was recorded in November at $367 million, driven largely by memecoin trading which propelled Solana's decentralized finance (DeFi) ecosystem. The memecoin launchpad Pump.fun was particularly successful, generating $235 million, a 242% increase from the prior quarter. Notable DeFi participants, Photon and Raydium, also saw revenues of $140 million and $74 million respectively, with both exceeding 250% growth. The average daily decentralized exchange (DEX) volume rose by 150%, totaling $3.3 billion in Q4. Memecoins currently hold a market cap of approximately $130 billion, bolstered by venture capital and speculative interest. Solana now boasts a total value locked (TVL) of $8.6 billion, positioning it as the second largest blockchain by TVL, trailing only Ethereum.

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