1/ October was a mixed month for @solana, with REV and app revenue declining but vindicating as the most performant blockchain in production:
- REV: $41M, -20% MoM
- App Revenue: $92M, -35% MoM
- DEX Volumes: $142B, +28% MoM
- Stablecoin Supply: $14.9B, +5% MoM
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2/ Solana's REV amounted to $41M in October, a 29% MoM decrease and the lowest figure since February 2024.
Jito tips amounted to just under $13M, a 96% decrease from the all-time high set in January of $296M.
3/ Solana was the fourth-highest chain by revenue market share in October, ending a streak of twelve consecutive months as either first or second.
For the fifth consecutive month, Hyperliquid was the leading chain by revenue ($105M), followed by BNB ($77M) and Ethereum ($65M).
4/ Solana apps generated $92M in revenue in October, down 35% MoM.
The highest revenue-generating apps were Pump ($45M, 50% of Solana app revenue), Axiom ($19M, 20%), Phantom ($5.4M, 6%), and Drift ($3.2M, 3.5%).
Notably, @Pumpfun is generating more revenue than Solana itself.
5/ Despite decreased value capture, Solana was vindicated as the most resilient blockchain in production.
During the Oct. 10 liquidations, Solana’s median fees hovered around $0.0012, spiking to $0.0056 at peak volatility (5x) and normalizing to pre-liquidation levels quickly.
6/ Oct. 10th recorded the sixth-highest DEX daily trading volume in Solana’s history, with $14B.
The top 5 days ocurred during the Trump memecoin launch in Jan.
Back then, almost 50% of volumes came from memes, whereas on Oct. 10th, 78% of volumes came from the SOL-USD pair.
7/ Solana's stablecoin supply increased by 5% MoM, closing October at $14.9B, a new all-time high.
PYUSD circulating supply grew $612M (129%) to $1.1B, driven by token incentives.
The chart below doesn't include syrupUSDC, which has grown to $264M in market cap on Solana.
8/ October was a breakout month for @MetaDAOProject and ICM on Solana.
Over $280M was committed to MetaDAO ICOs, although the total amount raised was only $10M, as teams chose to retain only a small portion of the committed capital.
9/ To stay updated on Solana's monthly developments, including in-depth discussions about the latest Solana Improvement Documents (SIMDs), onchain financials, DeFi activity, and more, subscribe to @blockworksres and check out my latest report.
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