November proved to be the standout month for the network, generating $367 million in revenue. This surge came as the network experienced increased activity across various sectors, including decentralized finance (DeFi), non-fungible tokens (NFTs), and new cryptocurrency launches.
Leading applications on the network showed remarkable growth during this period. Pump.fun led the way with $235 million in revenue, marking a 242% increase from the previous quarter. Following closely behind, Photon demonstrated even stronger growth at 278%, generating $140 million in revenue.
The network’s success extended to its DeFi sector, where Solana claimed the position of second-largest network by total value locked (TVL). The TVL grew by 64% to reach $8.6 billion, allowing Solana to overtake Tron in November. When measured in SOL tokens, the DeFi TVL increased by 28% to 46 million SOL.
Daily trading activity on decentralized exchanges (DEX) saw substantial growth, with average daily volume increasing by 150% to $3.3 billion. This uptick was largely driven by increased trading in memecoins and the emergence of new AI-themed tokens on the network.
The stablecoin market on Solana also expanded, with the total market cap growing by 36% to reach $5.1 billion. This positions Solana as the fifth-largest stablecoin market among competing networks. USDC maintained its dominant position, growing by 53% to $3.9 billion and representing 75% of the total stablecoin market on Solana.
Network participation showed healthy growth through liquid staking, with the rate increasing by 33% to reach 11.2%. This indicates that 66% of the eligible SOL supply is now staked, contributing to the network’s security and stability.
The NFT market on Solana demonstrated steady performance, with average daily volume increasing by 7% to $2.7 million. Tensor emerged as the leading NFT marketplace with $103 million in volume, showing a 14% increase, while Magic Eden experienced a 28% decrease to $68 million.
User engagement metrics showed strong growth across the board. The average number of daily fee payers increased by 171% to 5.1 million, while new fee payers grew by 189% to 3.8 million. The network processed an average of 81.5 million daily non-vote transactions, representing a 32% increase.
Transaction fees on the network rose to an average of $0.05, marking a 122% increase from the previous quarter. This increase reflected the higher demand for network resources during periods of increased activity.
Despite the overall growth, the amount of staked SOL decreased by 5% during Q4, partly due to the FTX estate unlocking its tokens. However, this did not prevent SOL’s market cap from growing by 27% to reach $91 billion, with a peak of $120 billion in November.
By the end of Q4, SOL had established itself as the sixth-largest cryptocurrency by market cap, positioned behind Bitcoin, Ethereum, USDT, XRP, and BNB. This ranking reflects the network’s growing importance in the broader cryptocurrency ecosystem.
Recent market movements have seen SOL trading at $199, representing a 22% decrease over the past two weeks. These price movements have occurred against a backdrop of broader macroeconomic challenges affecting risk assets.
The surge in network activity during Q4 2024 coincided with increased speculation about potential changes in the U.S. regulatory environment for cryptocurrencies. This period of growth has established new benchmarks for network performance and revenue generation in the blockchain industry.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
