The Solana blockchain is witnessing unprecedented activity, with decentralized applications (DApps) reporting record fees and revenues over the past 24 hours, fueled by a meme coin trading boom.
Solana Dominates Top Protocols by Fees
According to data from DefiLlama shared by DeFi analyst Patrick Scott on Nov. 18, five of the top 10 fee-generating protocols in the last day operate on Solana.
- Raydium, an automated market maker, achieved its highest-ever daily fees of $11.31 million on Nov. 17.
- Jito, a liquid staking protocol, recorded its third-highest daily fees at $9.87 million.
- Meme coin-focused platforms like pump.fun and Photon also saw impressive fee revenues, reporting $1.65 million and $2.36 million, respectively.
This surge in fees is directly linked to increased trading activity around meme coins and the ongoing rally of Solana’s native token, SOL, which hit a 2-year high of $242 on Nov. 17.
Memecoins Lead the Charge
- Peanut (PNUT), a squirrel-themed token, surged over 2,700% in two weeks, reaching a market capitalization of $2.4 billion by Nov. 14. Its rise was bolstered by mentions from Elon Musk on X (formerly Twitter).
- Dogwifhat (WIF) saw its value soar after being listed on Coinbase on Nov. 15, peaking at $4.19—a six-month high.
- Dogecoin (DOGE) also gained momentum, climbing 140% in the past two weeks, reflecting renewed interest in the meme coin space.
Solana’s Ecosystem on the Rise
Solana’s blockchain ecosystem has experienced significant growth:
- SOL’s price reached $234, nearing its all-time high of $259 set in November 2021.
- Market capitalization has risen to $112 billion, a 44% increase from its 2021 peak valuation of $77 billion.
- The blockchain’s inflation schedule rewards stakers with newly minted SOL tokens, currently at 4.9% inflation, decreasing annually by 15%, according to SolanaCompass.
Institutional Interest Surges
A Messari report reveals a sharp rebound in institutional investment:
- Solana-based DApps attracted $173 million in Q3 2024 across 29 funding rounds—a 54% increase compared to the previous quarter.
- Despite a 37% decline in the number of funding rounds, this marks the highest investment level since Q2 2022.
- Average daily fee payers grew by 109% quarter-over-quarter, reaching 1.9 million, while new fee payers skyrocketed by 430%, totaling 1.3 million.
Solana Challenges Ethereum
Solana’s scalability, low fees, and developer-friendly ecosystem have positioned it as a strong competitor to Ethereum, particularly in the booming meme coin and DeFi markets.
With institutional backing, a growing user base, and continued innovation in DApps, Solana is solidifying its place as a leader in blockchain technology.
For expert insights on blockchain trends, regulatory updates, and market analysis, stay tuned to CentBit.Online, Bangladesh’s trusted source for crypto and blockchain expertise!
