What happened?
Solana DApps generated over $22 million in protocol revenue last week, led by memecoin launchpad Pump.fun which pulled in $9.65 million. Jupiter, Axiom, Phantom and several other protocols also contributed as total value locked climbed above $12 billion and 24‑hour DEX volume hit about $4.44 billion. At the same time bonding curve volumes for memecoin launchpads fell below $1 billion for the first time in six months, though Pump.fun still accounts for roughly 84% of launchpad volume.
Who does this affect?
Traders and everyday users feel it through higher trading activity and fees on Solana, which can affect slippage and execution costs. DApp teams, launchpads and liquidity providers are directly impacted by the revenue flows and the heavy concentration of memecoin activity around a single platform. Investors, stakers and SOL holders are also affected because rising TVL and protocol revenues influence token demand and market sentiment.
Why does this matter?
The surge in revenue, TVL and trading volume signals growing real economic activity on Solana, which can support stronger SOL demand and positive market sentiment. But the concentration of memecoin liquidity in Pump.fun and the drop in overall launchpad volumes raise fragility risks—if that activity cools further, revenues could roll over quickly. In short, this trend can boost short‑term prices and confidence, yet traders should watch key support (around $180) since a break could trigger broader downside.