The meme coin frenzy has propelled Solana, often referred to as the “Ethereum killer,” to achieve a new all-time high in daily revenue. According to data from Defi Llama, Solana collected a staggering $11.8 million in fees in a 24-hour period, surpassing Ethereum’s $6.32 million. Additionally, Solana generated $5.9 million in revenue during the same timeframe, marking a new record for the proof-of-stake blockchain.
Solana’s decentralized finance total value locked has also seen significant growth, reaching $8.35 billion, as reported by Defi Llama. Raydium, the largest decentralized exchange on Solana, leads the list with over $15 million in 24-hour fees. The platform, known for its low fees, generated approximately $1 million in daily revenue.
Pump.fun, a Solana-based meme coin launchpad, saw a single-day record revenue of $2.4 million, surpassing Bitcoin’s $2.3 million. The high investor interest in Raydium and Pump.fun indicates that Solana’s revenue growth may be largely driven by the meme coin trend on the network.
Solana has experienced a remarkable 295% rally over the past year, making it the fourth-largest cryptocurrency with a market cap of $113 billion, approaching Tether’s $128.8 billion value. Despite a 1.8% decline in the past 24 hours, with SOL trading at $238, the asset is only 8.7% away from its all-time high of $260.
The impressive growth of Solana’s DeFi ecosystem and revenue highlights the impact of meme coins on the network’s financial performance. As the cryptocurrency market continues to evolve, Solana’s position as a major player in the industry is solidified by its ability to adapt to emerging trends and capitalize on new opportunities.