Solana apps capture 73.3% of all crypto app earnings in a single day

On January 21, Solana apps accounted for 73.3% of all crypto app earnings within the day, significantly outpacing networks like Binance Smart Chain (BNB) and Ethereum. The blockchain’s app revenues have been recording highs since the second half of 2024.

According to data from decentralized apps aggregator DefiLlama, SOL apps’ dominance saw competitors Binance Smart Chain (BNB) and Ethereum secure only 9.44% and 6.46% of daily earnings, respectively.

🚨BREAKING: @Solana apps hit a new milestone, capturing 73.3% of all crypto app earnings in a single day.

– BNB: 9.44%
– Ethereum: 6.46% pic.twitter.com/Ras6z72SlV

— SolanaFloor (@SolanaFloor) January 22, 2025

Ethereum’s app ecosystem has also been trailing Solana in revenue generation in the past seven days. The network’s apps 7-day revenue, which reached $39.89 million came up short compared to Solana’s $42.56 million, largely contributed by Tether and Circle market activity.

Solana dapps surge ahead in crypto revenues

Market data shows that in the last 24 hours, Solana-based apps led in revenue, almost doubling that of second-place Ethereum. Within the period, the network garnered about $8.9 million, with BONKbot and Raydium leading the fray with $2.67M and $1.17 million, in that specific order.

Unlike Ethereum, where Layer 2 solutions mitigate transaction costs, Solana conducts all activities directly on its Layer 1 (L1) blockchain. This creates high transactional requirements, which translates to high revenue generation. 

According to Defillama’s updates, in the last quarter of 2024, Solana apps generated $751 million in revenues, more than doubling Ethereum’s $314 million. However, in the whole of 2024, the latter blockchain led in the category, amassing almost $2 billion.

Solana’s DEX volumes are also towering over other networks with a volume dominance of over 50%, reaching over $12 billion yesterday only, per Coingecko data. The DEX hit a 2025 high of $39.2 billion on Sunday, fueled in part by the launch of a TRUMP memecoin, tied to President-elect Donald Trump’s family, on January 17.

Market data shows that the TRUMP token’s fully diluted market cap skyrocketed to $75 billion within 36 hours, and nearly $4 billion in trading volume flowed through its primary liquidity pool on Meteora. The token’s price rise also pushed the Solana to an all-time high of $294.33 on January 19.

Solana’s social dominance and market analysis

According to data from Santiment, SOL’s social mentions have hit a daily all-time high value of over 168,000. This indicates heightened interest and conversations around Solana, which could drive the demand for the token upwards and ignite a price charge in the coming days.

💊 Stats, charts, numbers:@solana [SOL] is stealing the show! Its social mentions have hit an ATH, with over 168k mentions in the past 24-hours pic.twitter.com/wZalzun3cH

— blocmates news (@blocmatesnews) January 22, 2025

However, other market indicators suggest a more complex picture for SOL’s future. The hourly trading chart reveals a bullish recovery following a recent dip, with consolidation forming around the $251.61 mark. Short-term candlesticks indicate renewed efforts to climb higher, despite recent volatility stemming from a sharp sell-off.

While SOL is trading slightly above its Volume-Weighted Average Price (VWAP) at $252.55, the sustained increase in trading volume over the past week hints at potential oversupply.

Analysts denote that the speculative frenzy around recently launched tokens like TRUMP and MELANIA contributed to SOL’s price uptick. That said, they are warning investors that if residual demand from these tokens subsides, the token could face weeks of spontaneous price corrections. 

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