During Q4 of 2024 Solana achieved historical success thanks to $840 million in total app revenue numbers and growing 213% when compared to last quarter’s results as per Messari market research. The fourth quarter of this year will set a new market record as the highest earning period for blockchains.

In November Solana earned $367 million representing its maximum revenue result. Pump.fun drove total app income at $235 million by 242% and Photon surged to $140 million with a 278% growth. The bitcoin price surge happened because people started buying risky digital coins based on jokes and AI projects gained popularity among investors.

Solana DeFi Growth Surges

The Solana DeFi network dominated second place worldwide when its TVL reached $8.6 billion for a 64% increase during November while surpassing the former DeFi leader Tron. The TVL measurement showed that SOL network assets grew 28 percent during this period to reach 46 million SOL. Traffic on DEXs doubled to $3.3 billion per day as traders purchased memecoins again.

During the past quarter the stablecoin market on Solana expanded by 36% to reach $5.1 billion in total market value. USDC continued to rule the market and seized 75% of Solana’s stablecoin segment as its issue maintained 53% growth to $3.9 billion. More users adopted liquid staking methods which resulted in a 33% rise of SOL utility to stand at 11.2% of the accessible supply.

NFT purchasing activity gained only 7% when measured from one quarter to the next and reached $2.7 million in purchases per day. Through its NFT trading activities Tensor captured 14% more sales volume at $103 million but Magic Eden’s sales decreased by 28% to $68 million.

Daily network participation grew by 171% as 5.1 million fee payers increased their activity while non-vote transactions expanded by 32% to 81.5 million each day. The number of users who used crypto struck a 122% spike in transaction costs due to increased market interest about potential changes in US crypto regulation.

Although staked SOL saw a 5% downturn this quarter in Q4 the unlocked tokens from FTX Estates triggered this decline. During this period the SOL token market capitalization went up by 27 percent reaching $91 billion before touching $120 billion record highs in November. SOL achieved number six ranking among the largest crypto assets by the closing period. The value of SOL decreased by 22% during the past two weeks to $199 because market conditions affected high-risk investments.