he Solana Blockchain has recently recorder a new high in terms of daily transaction fees wit approximately $11 million dollars reported on Solana’s network on October 24. This metric is associated with transaction fees and MEV tips distributed to Solana validators which are called REV, which stands for real economic value.
DeFi Dominance
Solana is one of the alphas in the DeFi space and the leading competitor L1 to Ethereum, as it records daily trading volumes for the last 13 days in a row. These decentralized exchanges in this platform such as Radium, have also remained exceptional in their performance and are now trading about $2.6 billion per day. This continued market control and dominance, highlights shows that Solana is becoming an increasingly important player in the decentralized finance space and no other L1 except for Ethereum is close to it.
AI Memecoin Impact
Such an increase of activity directly corresponds to the trend of pumping AI-themed memecoins that has begun after the publication of the “Goatse Gospel” in Truth Terminal. This trend gave birth to Goatseus Maximus (GOAT) that has shown remarkable remarkable growth featuring a $650 million market capitalization and approximately $450 million in on-chain transactions daily.
Platform Growth
One of the most popular launching platforms of memecoins, Pump.fun, has shown incredibly high growth and attraction on the Solana network. Furthermore, the memecoin platform has hit a new daily record of approximately 36,000 new tokens listed in only one single day. Such increases have made Pump.fun hit one of its most important milestones: 1 million SOL in revenue, as well as take over weekly trading volume with $8.7 billion in weekly trades.
AI and Memes Fuel Solana's Market Rise
The integration of artificial intelligence and memecoins has greatly driven SOL into the higher ranks of the crypto market. The growth of transaction fees and trading volumes illustrated in this report is truly staggering and testifies to Solana’s growing role in the constantly developing crypto ecosystem.
