In October, decentralized applications (dApps) generated $164 million in revenue, 12 out of 15 of the most significant revenue generators. These applications were mostly trading bots and decentralized exchanges, indicating blockchain adoption is growing. The top three networks earning revenue from dApps were Tron, Ethereum, and Solana, totaling $182 million.
The success of dApps suggests they may take over the largest revenue share from blockchains. Trading bots and decentralized exchanges drove revenue, as they benefited from the rise in speculative trading of memecoins. The revenue of 12 popular dApps reached $268 million in October. However, the report also questions if infrastructure projects, like layer-1 and layer-2 blockchains, may be overfunded.
Between December 2019 and October 2024, these infrastructure projects received over $1.2 billion in funding, exceeding the funds for DeFi, tooling, and gaming applications. The report argues that new applications seeking product-market fit are essential for the blockchain industry’s growth.
