Transaction Fees on Solana Spike to All-Time High Amid DeFi Volume Surge

For nearly two weeks, Solana has led the way in daily trading volumes within the decentralized finance space.

On October 24, transaction fees on Solana’s network (SOL) reached an all-time high, totaling over $11 million. This metric, known as “real economic value” (REV), includes both transaction fees and validator tips associated with maximum extractable value (MEV).

For nearly two weeks, Solana has led the way in daily trading volumes within the decentralized finance (DeFi) space, according to data from DefiLlama. On October 24 alone, its decentralized exchanges processed over $2.6 billion in transactions.

The recent spike in REV and trading volumes comes in the wake of the AI-driven meme coin trend. AI agent Truth Terminal played a key role in this by publishing information on Goatse Gospel that inspired the creation of the Goatseus Maximus (GOAT) meme coin.

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As a result, Solana has seen a flood of AI-related tokens, with the meme token-focused Pump.fun platform peaking at 36,339 old-trade cryptocurrencies on Oct. 24, according to Hashed’s Dune Analytics dashboard. That represented more than 84 percent of the 43,166 new tokens issued on Solana that day, setting a new record.

Additionally, tokens backed by Pump.fun dominated Solana’s weekly trading volumes for the first time, registering approximately $8.7 billion last week, based on Blockworks Research. That surge also pushed Pump.fun’s cumulative revenue above the 1 million SOL mark just nine months after launch.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.