Solana, known as the Ethereum killer, has set record highs for daily revenue primarily due to the hike in meme coin demand. In the same time frame reported by DeFi Llama, the proof-of-stake blockchain earned $11.8 million in fees, while Ethereum earned $6.32 million.
The high performance also applied to daily revenue in Solana, which hit $5.9 million again, behind only Tether’s $13.3 million for the same period. These numbers speak volumes for Solana’s taking over the crypto ecosystem as its Defi TVL soars to $8.35 billion.
Memecoins and DeFi Trend: Whoever continues Solana’s record
A major reason for this increase is Raydium, Solana’s most popular DEX (decentralized exchange). Committed to low charges, Raydium collected over $15 million in 24-hour fees and earned about 1 million dollars daily.
Another driver of Solana is Pump. Fun, a meme coin launchpad within the Solana ecosystem. In the same period, it successfully trumped Bitcoin at $2.3m by achieving a record singleton-day revenue of $2.4m.
The integration of these platforms demonstrates how meme coin popularity has helped add to the sales point of solana. BIDR volume, transactions on Raydium dump, and the upcoming listings of other projects like Pump .fun again suggest increasing investors seeking illiquid or almost illiquid assets on the network.
Solana’s Market Standing
Solana crypto has skyrocketed and is now ranked fourth, with a total market capitalization of $113 billion, which gained 295% last year. Today, it is within striking distance of Tether’s $128.8 billion market cap.
Currently valued at $238 per SOL, which is 1.8% of its market price in the last 24 hours, SOL has risen to $247 – a price point it was at in November 2021. The token is still 8.7 % below its earlier high of $260.
Most significantly, Solana has demonstrated superior daily fees to Ethereum and a revenue record that sets a course for its growth. Thanks to meme coins and DeFi advancements, Solana is claiming its position to usurp large incumbents in the crypto market.
The multiple phases in blockchain’s progress argue that this sphere can extend some more achievements as more customers embrace it and attract developers.
