Solana Dapps Rake In $22M As Pump.fun Leads Amid $1B Liquidity Slump

What Happened

Solana decentralized applications (DApps) generated more than $22 million in revenue over the past week, according to data from DefiLlama, with meme coin launchpad Pump.fun once again leading the pack.

Despite these gains, the memecoin launchpad sector has shown signs of slowing.

Total launchpad volume was $796.4 million, with Pump.fun accounting for $669.2 million, or 84% of the total, while BonkFun followed with $95 million.

Sugar and Moonshot trailed with $19.1 million and $9.5 million, respectively. Smaller platforms such as Launchlab and Bags reported negligible volumes.

Despite the recent slowdown in bonding curve activity, Pump.fun’s grip on the sector remains dominant. The platform has consistently captured the majority of liquidity since May, reinforcing its status as the leading launchpad for Solana’s meme coin economy.

Market Context

The platform brought in $9.65 million, marking its eighth consecutive week at the top, as user activity around Solana-based trading protocols continues to dominate the chain.

Axiom, an emerging trading platform offering yield farming and perpetual products, followed as the second-highest earner with $5.20 million.

Solana DeFi Surges Past $12B TVL With $4.4B in Daily Trading Volume

Trading volumes have also surged across Solana’s decentralized exchanges. On September 26, Solana recorded $4.44 billion in 24-hour DEX volume, well above its baseline of $2.77 billion.

Alongside rising trading volumes, user fees have remained robust. Over a single 24-hour period, Solana users paid $12.38 million in fees across various protocols.

Data from Dune Analytics reveals that bonding curve volumes, a key indicator of liquidity on meme-focused platforms, fell below $1 billion last week for the first time in six months.

The decline marks a sharp pullback from earlier weeks when volumes regularly exceeded $1.2 billion, suggesting a cooling of speculative momentum.

BonkFun has emerged as the only significant competitor, though its market share remains far smaller.

On a 30-day view, SOL is up just 2%. The price remains 29% below its all-time high of $293.31.

Chart data shows Solana continuing to move inside a parallel ascending channel that has guided its price action since spring 2025. The token has repeatedly rebounded from the channel’s lower boundary while meeting resistance at the upper line.

Why It Matters

Jupiter, Solana’s largest decentralized exchange aggregator, recorded $6.75 million over the same period, while Phantom wallet added $2.9 million, reinforcing its role as a key entry point for users into Solana’s DeFi ecosystem.

Other contributors included Raydium with $858,000, Meteora with $817,000, and Collector Crypt with $1.38 million, outperforming staking protocols such as Binance Staked SOL, which earned $625,000.

Details

The surge in protocol revenue has coincided with a resurgence in Solana’s broader decentralized finance activity.

The network’s total value locked (TVL) recently climbed above $12 billion for the first time since the 2021 bull run, reaching $12.18 billion on September 10.

At present, Solana holds $11.3 billion in locked assets, up nearly 2% in the past 24 hours.

At the network level, Solana continues to show strong fundamentals. Its rising TVL, robust DEX activity, and record protocol revenues place it among the top-performing blockchains in 2025.

Solana Trades at $206 Amid Pullback but Uptrend Still Intact

Solana (SOL) is changing hands at $206.78, up 4.2% over the past 24 hours. Despite the daily gain, the token has slipped 7.1% in the past week and 12.6% over the last two weeks.

After topping out near $260–$270 earlier this month, SOL corrected sharply and now trades around the channel’s midline.