In the fast-paced world of cryptocurrency, revenue generation is a key indicator of ecosystem health and user activity. A recent tweet from DeFi expert DMH (@DeFi_Made_Here) highlights an intriguing trend: when you set aside stablecoin issuers and Layer 1 blockchains, Solana emerges as the powerhouse for onchain revenue.

The tweet shares a snapshot of the top revenue-generating protocols over the past 24 hours, sourced from what appears to be a crypto analytics platform. Here's the breakdown:

At the top are stablecoin giants Tether and Circle, raking in millions from yields on their backing assets like U.S. Treasury Bills. These are essentially offchain revenue streams digitized on the blockchain. Then comes Hyperliquid, a decentralized exchange (DEX) that's funneling most of its fees into a fund for buying its native HYPE tokens.

But the real story unfolds when we exclude those stablecoins and L1s like Tron. The list is dominated by Solana-based projects:

• Pump.fun: This launchpad for trading and launching tokens—particularly meme coins—generated $2.32 million. It captures a tiny 0.05% fee on trades, but with the sheer volume of meme token launches on Solana, that adds up quickly. Pump.fun has become synonymous with the meme token craze, allowing anyone to create and trade fun, viral assets with minimal barriers.

• Collector Crypt: An NFT marketplace on Solana, pulling in $1.62 million from gacha sales (think randomized NFT drops) and trading fees/royalties.

• Axiom Pro: A trading app where revenue is shared with users, netting $1.62 million after builder code fees.

• Jupiter: A derivatives platform distributing fees to its treasury and liquidity providers, with $783,311 in revenue.

• Phantom: The popular Solana wallet, collecting $732,155 mainly from integrations like Hyperliquid perps.

This data underscores Solana's edge in fostering high-activity applications. Its low transaction fees and high throughput make it ideal for retail-driven sectors like meme tokens and NFTs, where users trade frequently without getting hit by gas costs.

Why Solana's Meme Token Scene is Booming

Meme tokens thrive on community hype, rapid launches, and speculative trading— all of which Solana supports better than most chains. Platforms like Pump.fun (pump.fun) have democratized token creation, turning viral ideas into tradable assets in minutes. This has led to explosive growth, with thousands of new meme coins daily, driving massive onchain volume.

For blockchain practitioners, this trend signals opportunities in Solana's ecosystem. If you're building or investing in meme tokens, tools like Jupiter for swaps or Phantom for secure storage are essential. The revenue figures also highlight the sustainability of these protocols; they're not just hype machines but genuine value capturers.

Implications for the Broader Crypto Landscape

Excluding stables and L1s paints a picture of "pure" DeFi and app-layer revenue, where Solana's speed gives it an advantage over slower chains like Ethereum. However, critics in the replies point out that this framing might overlook broader crypto use cases. One user quipped, "apparently if you exclude all the revenue being generated all the revenue is generated on solana," poking fun at the selective exclusion.

Still, the numbers don't lie. Solana's focus on user-friendly apps is paying off, especially in the meme token niche. As the onchain economy evolves, keep an eye on how these revenues translate to token value and ecosystem growth.

If you're diving into meme tokens, start by exploring Solana's top projects. Who knows—the next big meme could be just a Pump.fun launch away.