Pump.fun Accounted for 36% of Solana App Revenue in Q1 Despite Meme-Coin Slowdown

Pump.fun, a Solana-based meme-coin issuance platform, accounted for more than one-third of total app revenue across the Solana ecosystem in the first quarter.

Cointelegraph reported on May 19, citing a Messari report, that Pump.fun generated $124.7 million in first-quarter revenue. That was about 36% of Solana’s total app revenue of $342.2 million.

Messari wrote that Pump.fun’s revenue rose 17% from the previous quarter despite fading momentum in the meme-coin market, suggesting its core business remained resilient.

Revenue across Solana’s launchpad segment totaled $144 million, representing about 42% of all app revenue.

Bags platform revenue surged 1,347% from the previous quarter to $11.5 million, driven by the boom in AI-themed meme coins. The firm added that the trend was short-lived, with monthly revenue falling 85% in February.

Trading applications on Solana also showed strong growth. Revenue from those apps increased 40% from the previous quarter to $79 million. Axiom accounted for $42.4 million of that total, making it the network’s second-largest app by revenue.

The market for real-world assets, or RWAs, also expanded. Solana-based RWA market capitalization surpassed $2 billion, up 43% from the previous quarter.

Messari said BlackRock’s tokenized fund BUIDL doubled in size to $525 million after gaining custody support from Anchorage Digital.

By contrast, total value locked in decentralized finance, or DeFi, fell 22% from the previous quarter to $6.16 billion. Messari attributed the decline largely to SOL’s roughly 33% drop during the quarter rather than to user outflows.

Meanwhile, the Solana network is preparing the Alpenglow upgrade. If implemented as planned, transaction finality would fall to about 150 milliseconds from roughly 12.8 seconds.