1/ While most chains felt the slowdown in November, one trend stayed intact: @Solana remains the #1 chain for DApp revenue, capturing ~31% of the global total. A closer look at where that revenue is coming from 🧵

2/ Global DApp revenue fell 34% MoM to $333M. Most chains faced weaker token prices, which cooled overall activity.

3/ @Solana has led DApp revenue for 19 months straight. It remains the leading platform for DApp revenue across all blockchains, accounting for 31% of global DApp revenue in November.

@solana 4/ @Solana DApp revenue held the nine-figure line. It has stayed above $100M since October 2024 and settled at that level in November. Actual revenues are higher, as prop AMMs complicate revenue identification through offchain predictive models.

@solana 5/ Revenue increasingly consolidates among top DApps. Of the 56 @Solana DApps tracked, the top 8 accounted for roughly 78% of November’s revenue. This trend has grown stronger over time.

@solana 6/ Memecoin trading tool revenues are in free fall. Protocols like Photon and Trojan have seen revenues drop more than 98% this year. The sector’s share of @Solana DApp revenue fell to 16% as memecoin mania faded.

@solana 7/ @Pumpfun defied the memecoin downturn. @Solana’s most profitable DApp continued to thrive despite the slowdown in the memecoin market. The top 8 Solana dApps each generated between $2.2M and $33M in revenue.

@solana @Pumpfun 8/ @Pumpfun is strengthening its ecosystem by owning the user trading experience. It acquired @PadreApp and rebranded it as Terminal, a multichain trading terminal. November was the first full month of this expanded stack, with Terminal’s revenue reaching an ATH of $1.6M.

@solana @Pumpfun @PadreApp 9/ @Pumpfun accounted for 90% of the revenue generated from @Solana memecoin launches. However, the memecoin launchpad sector reached a new 12-month low, with revenue declining to $36M.

@solana @Pumpfun @PadreApp 10/ @JupiterExchange continued to generate 8-figure revenue, earning ~$10.3M. The protocol aims to add a native stablecoin ( $jupUSD, in partnership with @ethena_labs ) and an interchain liquidity product (JupNet) to its offerings.

@solana @Pumpfun @PadreApp @JupiterExchange @ethena_labs 11/ Physical Trading Card Games (TCG) struggled in November. Revenue declined as the initial hype around ripping packs onchain faded. The recent positive trend reversed quickly, leaving the category down 85% from its peak at just $1.5M in November.

@solana @Pumpfun @PadreApp @JupiterExchange @ethena_labs 12/ @jito_sol faced softer MEV and fiercer rivals. Its revenue has declined for 4 straight months, settling at $642k. The memecoin slowdown reduced MEV opportunities, while jitoSOL lost TVL and market share to @sanctumso’s branded LSTs and other competitors.

@solana @Pumpfun @PadreApp @JupiterExchange @ethena_labs @jito_sol @sanctumso 13/ @metaplex’s creation revenue took a sharp hit last month, dropping 52% MoM. @Pumpfun, the largest memecoin launcher on @Solana, migrated its token standard to Token-2022. This shift reduced activity flowing through Metaplex’s standard and directly pressured its revenue.

@solana @Pumpfun @PadreApp @JupiterExchange @ethena_labs @jito_sol @sanctumso @metaplex 14/ November was “ORE szn” on @Solana. @OREsupply’s revenue surged 506% MoM in November to an ATH of $10.3M. Its onchain “mining” game became the new speculative hotspot on the network.

@solana @Pumpfun @PadreApp @JupiterExchange @ethena_labs @jito_sol @sanctumso @metaplex @OREsupply 15/ @Solana DePIN revenues are anchored in real demand. DePIN is less cyclical than other sectors since it monetizes telecom, mapping, and compute usage instead of speculation. Revenue remained steady at approximately $2.3M in November.