Dapps’ revenue hits $164M in October amid growing adoption Dapps’ revenue hits $164M in October amid growing adoption
A Binance Research report suggested that the success of dApps might indicate that infrastructure projects are overfunded.
2 min read
Updated: Nov. 8, 2024 at 1:12 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
According to a report by Binance Research, decentralized applications (dApps) represented 12 out of 15 protocols with the most significant revenues in October, amounting to $164 million.
This suggests growing blockchain adoption, fueled by trading bots and decentralized exchanges.
The report highlighted that dApp interactions have steadily risen in recent months, topping all but three most popular blockchains: Tron, Ethereum, and Solana. Together, these three networks raked in $182 million in monthly revenue.
The growing value captured by dApps indicates a potential takeover by these protocols of the largest revenue share currently controlled by blockchains.
Speculation driving revenues
The report highlighted that DEX and trading bot-related dApps were the primary revenue generators due to the recent rise in speculative trading of memecoins.
Memecoin launchpad Pump.fun and trading bot Photon, both Solana-based applications, captured $29 million in revenue last month.
The list of dApps with the most significant revenues registered in October includes four other trading bots: Trojan, BONKbot, Maestro, and Banana Gun. Together with Photon, these applications netted $67 million in monthly revenue, nearly 41% of the total registered by dApps.
Uniswap registered $16 million in revenue, followed by PancakeSwap and Aerodrome’s $10 million and $9 million, respectively.
The combined fee value collected by DEX and trading bots surpasses $100 million, highlighting that users prefer trading-related dApps.
Aside from trading applications, the report also listed money markets Aave and Sky (former Maker), which captured $26 million in fees. Liquid staking protocol Lido wraps up the list of 12 dApps with the most significant revenue in October, with $7 million captured.
Overfunding infrastructure
The report also questions if infrastructure projects, such as layer-1 and layer-2 blockchains, are overfunded, given fees collected by dApps.
According to Rootdata, projects building infrastructure in the blockchain industry received over $1.2 billion in funding between December 2019 and October 2024. The amount exceeds the combined funds pledged to DeFi, tooling, and gaming applications.
Despite arguing that these infrastructure investments are essential, the report claimed that new applications seeking product-market fit are fundamental to attracting new users and boosting the blockchain industry.
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Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$198.026
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
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Lido empowers stakers to put their staked assets to use. Staking via Lido ensures that your assets remain liquid and can be used across a range of DeFi applications to earn extra yield.
Pump.Fun is a platform that enables users to create and trade memecoins easily, capitalizing on the novelty and community-driven appeal of these tokens.
Maker is a Decentralized Autonomous Organization that creates and insures the dai stablecoin on the Ethereum blockchain.