On October 24, Solana’s (SOL) transaction-related fees surpassed $11 million, setting a new all-time high, as reported by Blockworks Research. This metric, called “real economic value” (REV), includes both transaction fees and MEV tips collected by validators.
Solana Leads in DeFi Trading Volumes
Solana has dominated daily trading volumes within the decentralized finance (DeFi) sector for 13 days straight, according to DefiLlama. On October 24 alone, decentralized exchanges on Solana reported over $2.6 billion in trading volume.
AI Memecoins Drive Solana’s Growth
Interestingly, the rise in REV and trading activity aligns with increasing interest in artificial intelligence (AI) and memecoins. The AI agent Truth Terminal sparked a new on-chain trading trend through its “Goatse Gospel” publication. This led to the creation of the memecoin Goatseus Maximus (GOAT), which quickly hit a market cap of $650 million. In just 24 hours, GOAT saw nearly $450 million worth of on-chain transactions.
Pump.fun Hits Deployment Record
AI-related tokens have gained traction on Solana. On October 24, the memecoin-focused launchpad, Pump.fun, deployed a record-breaking 36,339 tokens, as indicated by Hashed’s dashboard on Dune Analytics. This represented more than 84% of the 43,166 new tokens issued on Solana that day.
Pump.fun Tops Weekly Trading Volumes
Moreover, tokens launched via Pump.fun led Solana’s weekly trading volumes for the first time, with approximately $8.7 billion moved last week, based on Blockworks Research data. Due to this growth, Pump.fun surpassed 1 million SOL in revenue on October 24, just nine months after its launch.
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