Lightspeed doesn’t like to measure protocol success using popular metrics such as active addresses and total value locked.
Fees can instead be used to measure demand for various apps and services. Theoretically, TVLs and Blockchain addresses can be manipulated, but fees, on the other hand, are actual money that is exchanged to perform a task. Here are the 10 most popular Solana Protocols this year, in order of fees. This is based on DeFiLlama’s data from December 27.
1. Raydium — $648 million
The Solana exchange had a great year, as it tapped into memecoin fever which infected much of the crypto-world during 2024. They claimed that the app allowed memecoins to create fake volume in order to make it appear legitimate. However, the data tells a different story. Raydium generated a large amount of fees.
2. Jito — $633 million
Jito-Solana was a popular client for validators using Solana’s software. It made MEV changes and has become a standard. Jito gets 5% of MEV “tips” that users pay to transact on Solana — which grew to be a huge amount this year as memecoins raised demand to pay MEV tips and land transactions on the blockchain.
3. Pump.fun — $308 million
The memecoin Launchpad Pump.fun has earned more than 300 million dollars in less than one year. This sentence should be read again. We’ve all learned this year that cryptocurrency users love to speculate.
4. Photon — $248 million
Photon, the trading platform of Solana Group, also benefited from the memecoin boom to the tune a quarter-billion dollars. Photon provides users with memecoin feeds, but the real selling point is its speed. Photon boasts that its data arrives 15 times faster than DEX Screener. It also offers users a “quick buy” Function to reduce friction during trading.
5. bloXroute — $136 million
The first time I heard about bloXroute, it was in connection with Solana. This infrastructure provider offers trader APIs and a blockchain distribution system, which are mostly marketed to help traders land Solana deals more quickly.
6. Trojan — $121 million
Trojan provides a Telegram Bot that allows users to buy or sell Crypto within Telegram.
7. BONKbot — $118 million
BONKbot, a Telegram bot created by the team behind Solana’s popular memecoin bear market, was released as an indication that the creators of the memecoin might also have technical skills.
8. Marinade — $88 million
Marinade is the third largest liquid Solana staking token after Jito and Binance. The company debuted in this year. “Marinade v2” The company added an auction to the stake pool, hoping that it would increase yields and attract institutions. Marinade was accused by some of encouraging sandwich attacks.
9. BullX — $85 million
BullX is a memecoin trading site. BullX is a platform that offers the trading of memecoins. “fastest indexing,” which is the process of making blockchain data readable — and something Coinbase has struggled with in recent weeks.
10. Kamino — $81 million
Kamino, a DeFi protocol, is expected to reach over 2 billion TVL by 2024. App is known as the Aave for Solana because of its borrowing-lending feature. Kamino, for example, was where the majority of liquidity incentives were distributed to drive adoption of PayPal’s PYUSD Stablecoin on Solana.
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