Solana’s top-earning protocols - what the money is telling us (30d snapshot) quick context: I pulled a 30-day protocol revenue view (protocol take, not total user fees). numbers move fast, but the shape of the market is clear. leaders (today’s shape) - pump(.)fun ≈ $27.9M - meme factory turned fee machine - jupiter (spot agg) ≈ $26.1M - orderflow gravity well - jupiter perps ≈ $24.9M - leverage + liquidity flywheel - meteora ≈ $6.0M - liquidity infra that actually earns - raydium ≈ $3.2M - AMM/CLOB hybrid with staying power - drift ≈ $3.1M - perps UX that prints in chop and trend - kamino ≈ $1.37M - lending + leverage rails - orca ≈ $1.32M - clean AMM UX, reliable volumes - jito ≈ $1.12M - LST + MEV value capture - marinade ≈ $0.90M - the steady LST base layer - long tail includes: sanctum, lifinity, phoenix, tensor, magic eden, save (solend), sns, and more what the revenue is really saying perps and memecoins are the current revenue kings liquidity infra (DLMM/CLMM/vaults) quietly monetizes the whole stack LSTs are “bond ladders” for solana - slow, sticky, compounding orderflow routers and CLOBs benefit from SOL blockspace being cheap + fast NFTs still matter - fewer spikes, more recurring marketplace and creator fees bridges and oracles monetize cross-chain demand - less flashy, very durable how to read this as a builder build where fees are closest to the transaction: swapping, leverage, minting, issuance attach yourself to recurring behavior (rebalancing, streaming, staking) make the fee obvious but painless - users forgive small, continuous value don’t fight distribution - integrate with jupiter, wallets, LST routers, indexers design for bots as first-class users - they’re your best (and harshest) market makers how to read this as a power user follow the fee rivers: perps, routers, liquidity vaults, LSTs prefer protocols that show both revenue and retained treasury assets hunt for new incentives that convert to organic, fee-paying usage after they end track volatility regimes - perps shine in both breakouts and chop if risk is right caveats (important) “protocol revenue” = what accrues to the protocol or token holders - not gross fees some pages aggregate multi-module products (spot + perps) - avoid double counting ranges can swing week to week - always check the live table before acting three takeaways I’m betting on the top 10 capture the lion’s share, but infra that reduces LP pain keeps climbing LST + restaking-style designs become the “savings account” layer for solana better execution (routers, CLOBs, vaults) will keep siphoning flow from noisy front-ends if this was useful, follow me @scrapychain