Solana has achieved a new milestone by reaching a record high in daily transaction fees, exceeding $11 million on October 24th. This new achievement comes as Solana continues to dominate daily trading volumes in the decentralized finance (DeFi) ecosystem for the 13th consecutive day.
The surge in transaction-related fees, also known as “real economic value” (REV), includes transaction fees and MEV tips for validators. Solana’s decentralized exchanges alone saw over $2.6 billion in trading volume on the same day, highlighting the network’s strong performance.
The recent spike in REV and trading volume is attributed to the growing popularity of AI-related memecoins. The AI agent Truth Terminal played a significant role in sparking interest in on-chain trading, particularly with the launch of the memecoin Goatseus Maximus (GOAT), which now boasts a market cap of $650 million and has moved nearly $450 million on-chain in the past 24 hours.
As a result of this trend, AI-related tokens have gained traction on Solana, with memecoin-focused launchpad Pump.fun seeing a record high of 36,339 deployed tokens on October 24th. This represented over 84% of all 43,166 new tokens issued on Solana that day, setting a new record for the network.
Additionally, Pump.fun-launched tokens led in weekly trading volumes on Solana for the first time, with approximately $8.7 billion moved last week. This significant milestone led to Pump.fun surpassing 1 million SOL in revenue just nine months after its launch, underscoring the platform’s rapid growth and success in the market.
Overall, Solana’s record-breaking performance in daily transaction fees and trading volumes, fueled by the rise of AI-related memecoins, demonstrates the network’s resilience and growing influence in the DeFi space. With the continued development of innovative projects and platforms like Pump.fun, Solana is poised to maintain its position as a leading blockchain ecosystem for decentralized finance.
