dApps Dominate Blockchain Revenue, Fueled by Trading Bots and DEXs

Binance Research's latest report highlights that decentralized applications (dApps) led the blockchain industry in revenue generation in October, earning $164 million out of the total $182 million produced by the top three blockchains: Tron, Ethereum, and Solana.

This surge in dApp activity signals a growing trend in blockchain adoption, particularly driven by decentralized exchanges (DEXs) and trading bots.

The report attributes a significant portion of the revenue to trading bots and dApps associated with speculative memecoin trading. Notably, Solana-based applications like Pump.fun and Photon collectively generated $29 million.

Other key revenue earners, such as Uniswap, PancakeSwap, and Aerodrome, contributed a combined $35 million. In total, DEXs and trading bots made up over $100 million in revenue, underlining the preference for trading-related dApps.

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Additionally, the report raises concerns about the level of investment in blockchain infrastructure. Over $1.2 billion has been allocated to layer-1 and layer-2 infrastructure projects from December 2019 to October 2024, outpacing funding for DeFi, gaming, and tooling applications.

While recognizing the importance of infrastructure development, the report emphasizes that the success of new applications is vital for attracting fresh users and propelling the blockchain industry forward.

Alexander Zdravkov