Odaily Planet Daily reported that Coinbase analysts pointed out in a report released this week that meme tokens have been the core narrative of this bull market and are the best-performing cryptocurrency sector of the year (measured by total market cap growth). Most of the activity has occurred on Solana, mainly revolving around pump.fun as the increasingly popular launch platform for memecoins. So far, more than 3 million tokens have been issued on pump.fun. The dominance of trading-related activities on Solana is reflected in its contribution to network transaction fees, which account for over 82% of all non-voting fees paid on the network. In addition to pure network fees, Solana's token issuance and trading processes also capture high value. If the trading ecosystem on the Solana chain is viewed as an 'independent financial category', it currently ranks third in profitability, only behind stablecoins and Layer 1 network fees. The report noted: 'Trading-related activities on Solana typically account for 75-90% of on-chain easy fees, far exceeding other networks like Ethereum, Base, and Arbitrum. While L2 solutions also show growth and innovation, they generally face different scalability challenges and user fragmentation issues compared to Solana. Solana's fee dynamics and user activity patterns remain distinct.' Additionally, the revenue generated by Telegram trading bots even surpasses that of pump.fun. Photon, Bonkbot, Trojan, and SolTradingBot focus solely on the Solana ecosystem, while the revenue from multi-chain bots like Maestro and Bananagun has also mostly come from Solana-based fees in the past week. The report believes this indicates that a large number of traders on Solana are less sensitive to execution fees, which may be due to the higher volatility of the underlying assets (and lower liquidity). This fee insensitivity is reflected in the fee-to-volume ratio paid at the automatic market maker (AMM) pool level. In the past week, Uniswap's trading volume across all chains was $14.2 billion, with users paying a total of $11.3 million in fees at an average rate of 0.08%. Meanwhile, the trading volume of Solana's main DEX Raydium was $8.5 billion (40% less than Uniswap), but the fees charged were $18.9 million (67% more than Uniswap), with an average rate of 0.22%. In other words, in the past week, users paid nearly 3 times more in fees on the Raydium pool compared to the Uniswap pool.