Decentralized applications (dApps) have seen a significant increase in revenue, reaching $164 million in October according to a report by Binance Research. This surge in revenue is a clear indicator of the growing adoption of blockchain technology, with dApps playing a crucial role in this trend.
The report pointed out that dApps have been steadily gaining popularity, with interactions on these platforms surpassing all but three of the most popular blockchains: Tron, Ethereum, and Solana. Together, these three networks accounted for $182 million in monthly revenue, showcasing the potential for dApps to dominate the blockchain industry in terms of revenue generation.
One of the main drivers of revenue for dApps has been the rise of decentralized exchanges (DEX) and trading bots, particularly in the speculative trading of memecoins. Applications like Pump.fun and Photon, both based on the Solana network, were able to capture $29 million in revenue in October alone. Additionally, trading bots like Trojan, BONKbot, Maestro, and Banana Gun, along with Photon, collectively brought in $67 million in revenue, highlighting the preference of users for trading-related dApps.
Beyond trading applications, money markets like Aave and Sky, as well as the liquid staking protocol Lido, also contributed significantly to the revenue generated by dApps. However, the report also raised concerns about the potential overfunding of infrastructure projects in the blockchain industry, noting that these projects received over $1.2 billion in funding between December 2019 and October 2024.
While infrastructure investments are crucial for the development of the blockchain ecosystem, the report emphasized the importance of new applications that can attract users and drive further growth in the industry. This balance between funding infrastructure projects and supporting innovative dApps will be essential in ensuring the continued success and growth of the blockchain industry.
