5 out of the top 10 cryptocurrency protocols by 24-hour fee revenue are built on the Solana layer-1 blockchain.
According to a post on X on 11/18 from decentralized finance commentator Patrick Scott, citing data from DefiLlama, 5 out of the 10 protocols with the highest fees in the past 24 hours belong to Solana.
Specifically, the automated market maker (AMM) Raydium recorded a record-breaking $11.31 million in fees on November 17, while the liquidity staking protocol Jito recorded the third-highest daily fee of $9.87 million on the same day, according to DefiLlama.
At the same time, the MEME coin launch platform pump.fun recorded the seventh-highest daily revenue, with $1.65 million in fees.
Photon, a Telegram trading bot for Solana MEME coins, ranked seventh in terms of highest revenue products, with a record-high $2.36 million in fees.
The record-breaking fees of some Solana protocols are due to the MEME coin speculation frenzy and the strong price appreciation of the native Solana token, which reached an ATH of $242 — the highest since November 2021.
A MEME coin based on the squirrel icon named Peanut (PNUT) has surged over 2,700% in the past two weeks, reaching a peak market value of $2.4 billion on November 14, after Elon Musk promoted the token multiple times on X and launched the Department of Government Efficiency.
The largest Solana MEME coin, Dogwifhat, was listed on the US cryptocurrency exchange Coinbase on November 15, causing the token's price to surge to a six-month high of $4.19 that day.
The Department of Government Efficiency is a new US government agency under President-elect Donald Trump, with an acronym that coincides with the ticker symbol of the MEME coin Dogecoin (DOGE), which has also seen a significant increase in the past seven days — up over 140% in the past two weeks.
Currently, SOL is trading at $234, just 8.5% away from regaining its ATH of $259.
Notably, Solana is trading with a market capitalization of $112 billion, 44% higher than the previous ATH of $77 billion on November 6, 2021.
This market capitalization growth is due to an increase in the total supply of Solana tokens as part of the inflation schedule, where new SOL tokens are rewarded to stakers.
At the time of writing, Solana's inflation rate is 4.9% and decreasing by 15% annually, according to data from SolanaCompass.
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The article Solana dapps achieve "massive" revenue as the MEME coin craze returns first appeared on CoinMoi.
