Solana registers new all-time high in daily transaction-related fees Solana registers new all-time high in daily transaction-related fees
The new record comes amid the AI-related memecoin trading, prompting Solana to dominate daily trading volumes for 13 days straight.
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Updated: Oct. 26, 2024 at 12:06 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Transaction-related fees on Solana (SOL) surpassed $11 million on Oct. 24, marking a new all-time high, according to Blockworks Research data.
The metric is called “real economic value” (REV), which includes transaction fees and MEV tips for validators.
Solana has been dominating daily trading volumes in the decentralized finance (DeFi) ecosystem for 13 days straight, according to DefiLlama.
Meanwhile, the network’s decentralized exchanges registered over $2.6 billion in trading volume on Oct. 24.
AI memecoins lead growth
Notably, this peak in REV and the significant trading volume come amid the frenzy sparked by the intersection between artificial intelligence (AI) and memecoins.
The AI agent Truth Terminal spurred this new on-chain trading “meta,” as its publications about a “Goatse Gospel” motivated the inception of the memecoin Goatseus Maximus (GOAT). GOAT currently has $650 million in market cap and has moved nearly $450 million on-chain in the past 24 hours.
Consequently, a big wave of AI-related tokens overtook Solana. Memecoin-focused launchpad Pump.fun reached an all-time high of 36,339 deployed tokens on Oct. 24, as revealed by Hashed’s dashboard on Dune Analytics.
The total deployed on Pump.fun represented over 84% of all 43,166 new tokens issued on Solana yesterday, which is also a new record.
Moreover, Pump.fun-launched tokens took the lead in weekly trading volumes on Solana for the first time, with roughly $8.7 billion moved last week, based on Blockworks Research data.
Due to these factors, another key threshold was breached on Oct. 24, with Pump.fun surpassing 1 million SOL in revenue just nine months after its launch.
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Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Goatseus Maximus
$0.48367
Goatseus Maximus is the first meme created by truth_terminal.
Dune Analytics
Dune Analytics is a data platform commonly used by crypto-asset investors and analysts to investigate individual projects, specific industries (such as non-fungible tokens (NFTs), decentralized finance (DeFi), and blockchain ecosystems.
CoinGecko
CoinGecko is a cryptocurrency ranking website that provides 360-degree overview of the standing of digital currencies.
Pump.Fun is a platform that enables users to create and trade memecoins easily, capitalizing on the novelty and community-driven appeal of these tokens.