Solana Achieves Record Transaction Fees
On October 24, Solana (SOL) reached a remarkable milestone with transaction fees exceeding $11 million, as reported by Blockworks Research’s data.
Understanding Real Economic Value (REV)
This impressive figure is referred to as “real economic value” (REV), which encompasses both transaction fees and miner extraction value (MEV) tips provided to validators.
Dominance in Decentralized Finance
Solana has maintained its leadership in daily DeFi trading volumes for an incredible 13 consecutive days, according to DefiLlama’s analytics. On October 24 alone, the network’s decentralized exchanges recorded trading volumes exceeding $2.6 billion.
The Surge of AI Memecoins
This spike in REV coincides with a growing trend sparked by the combination of artificial intelligence (AI) and memecoins, creating a buzz in the cryptocurrency space.
Impact of Truth Terminal
The AI agent known as Truth Terminal has played a pivotal role in promoting this innovative trading environment. Its discussions around a “Goatse Gospel” led to the emergence of the memecoin Goatseus Maximus (GOAT), which now boasts a market cap of $650 million and has facilitated nearly $450 million in on-chain transactions within the last 24 hours.
AI Tokens on the Rise
As a result of this frenzy, numerous AI-related tokens have made a significant impact on Solana’s market. Memecoin-focused platform Pump.fun experienced an all-time high on October 24, with over 36,339 tokens deployed, according to Hashed’s dashboard on Dune Analytics.
Record-Breaking Token Deployments
The total number of tokens deployed via Pump.fun constituted over 84% of the 43,166 new tokens issued on Solana that day, setting a new record.
Weekly Trading Volume Milestone
For the first time, tokens launched on Pump.fun achieved the highest weekly trading volume on Solana, with approximately $8.7 billion transacted, according to Blockworks Research’s findings.
A New Revenue Benchmark
Due to these developments, Pump.fun exceeded a significant threshold on October 24, surpassing 1 million SOL in revenue within just nine months of its inception.
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