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The meme coin mania helped Solana — also called the Ethereum killer — accumulate a record amount of fees and revenue.
The popular proof-of-stake blockchain collected $11.8 million in fees in 24 hours, surpassing Ethereum’s (ETH) $6.32 million, according to data provided by Defi Llama.
Solana (SOL) also generate $5.9 million in revenue in the same timeframe, marking a new all-time high, Defi Llama data shows. The layer-1 network is second only to Tether’s $13.3 million revenue over the past day.
Notably, Solana’s decentralized finance total value locked has reached $8.35 billion, per Defi Llama.
Moreover, Raydium, the largest decentralized exchange on the so-called Ethereum killer, is currently leading the list with over $15 million in 24-hour fees. The DEX platform, popular for its low fees, generated a daily revenue of roughly $1 million, according to the data aggregator.
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Data shows that Pump.fun, the Solana-based meme coin launchpad, generated a single-day record revenue of $2.4 million — surpassing Bitcoin’s (BTC) $2.3 million.
The high investor interest in Raydium and Pump.fun suggests that Solana’s revenue growth could be mostly triggered by the meme coin trend on the network.
Solana recorded a 295% rally over the past year to become the fourth-largest crypto asset in the sector with a $113 billion market cap — getting close to USDT’s $128.8 billion value.
SOL fell 1.8% in the past 24 hours after reaching $247 for the first time since November 2021. The asset is trading at $238 at the time of writing — only 8.7% away from its ATH of $260.