In the fast-paced world of crypto, Solana has been making waves again, and a recent tweet from Castle Labs is sparking conversations about a potential $SOL comeback. The advisory firm shared a snapshot of the top protocols by annualized revenue, and it's eye-opening—especially for those tracking meme tokens and blockchain innovations.

The tweet points out that three out of the top five protocols are built on Solana, showing strong user interest in areas like trade aggregation, card collecting, and what seems to be a nod to innovative features like streaming (though in crypto terms, this might tie into real-time data or perpetual trading). For the uninitiated, annualized revenue here means projecting a protocol's yearly earnings based on recent performance, often from fees or transaction volumes. Market cap to revenue ratio, or "multiple," indicates how the market values that revenue stream—lower multiples might suggest undervaluation.

Let's break down the leaderboard:

• Hyperliquid: Leading with over $1.25 billion in annualized revenue and an 11.8x multiple. This is a decentralized perpetuals exchange on its own layer-1 blockchain, focusing on high-speed trading without intermediaries.

• Pump.fun: Clocking in at $650 million and a 3.0x multiple. As a Solana-based platform, it's revolutionized meme token launches, making it easy for anyone to create and trade fun, viral coins. If you're into memes, this is ground zero—think quick pumps and community-driven hype.

• Tron: With $621 million and a hefty 52.5x multiple, Tron's blockchain is known for low-cost transactions and heavy USDT usage, but it's not on Solana.

• Jupiter: At $361 million with 4.6x, this Solana DEX aggregator helps users find the best swap rates across decentralized exchanges. It's all about efficient trading in the DeFi space.

• Collector Crypt: Rounding out at $304 million and a low 0.2x multiple, suggesting it might be undervalued. This Solana project appears to focus on digital card collecting or NFTs, tapping into the gamified side of crypto.

What stands out is Solana's dominance: Pump.fun, Jupiter, and Collector Crypt are all native to the chain, known for its speed and low fees—perfect for meme token frenzy and high-volume activities. Solana had a rough patch with network outages, but recent upgrades have stabilized it, drawing back developers and users.

For meme enthusiasts, this is huge. Pump.fun alone has supercharged the meme token scene on Solana, with thousands of new tokens launching daily. It's democratized crypto creation, but beware—it's volatile, with many projects being short-lived pumps. If you're building or investing in memes, keeping an eye on these revenue giants can signal where the smart money (and fun) is flowing.

So, is a $SOL redemption in the cards? The data suggests yes. With these protocols raking in revenue, Solana's ecosystem is proving resilient and innovative. As blockchain practitioners, this is a reminder to dive into Solana's tools—whether it's launching your own meme on Pump.fun or aggregating trades via Jupiter. The comeback might just be starting, and meme tokens could be the rocket fuel. Stay tuned as we track more at Meme Insider.