The rapid growth of zito fees is closely tied to the growth of meme trading on the Solana blockchain. As trading activity on the blockchain increases, so does the collection of MEV fees. Solana dominates trading on the Decentralized Exchange (DEX), with trading volume on DEX reaching a record high of 33% across all blockchains, and trading volume on DEX topping $2 billion in the past few days.
This increase in trading activity is also reflected in the creation of new tokens on #Solana , which has reached a daily peak of 36,000. The number of new coins has nearly doubled from its previous peak in July 2024, indicating strong demand for Solana's #blockchain trading ecosystem.
tools such as Photon, a trading and sniping terminal built for trading coin memes, have been top-tier beneficiaries, consistently generating over $1 million in revenue over the past four days.
Solana's main DEX, Raydium, has also seen significant growth in protocol fees, reaching $16 million last week. This is the second highest weekly total this year, following the $18 million collected in July.
While meme coins have played a key role in the recent boom on the Solana blockchain, the broader decentralized finance (DeFi) ecosystem is also thriving.
JitoSOL, Jito's liquid blockchain token, has played a key role in this growth, providing additional rewards from MEV transactions and allowing users to preserve liquidity for integration into #DeFi .
As Solana has grown, debate has raged in the crypto community about how best to measure the success of the blockchain. Traditional metrics, such as the number of active wallets or transaction volume on DEX, are often used to gauge performance. However, many analysts argue that the most important metric is the economic value created by the blockchain.
In July, Solana overtook #Ethereum in terms of fees and revenue for the first time, but so far the two chains have kept pace with each other in terms of economic value creation.
Solana is currently generating 90 percent of Ethereum's fees, and in the last 24 hours, $3.09 million has been collected compared to Ethereum's $3.41 million, raising the question of whether Solana can finally overtake Ethereum in fees in the next few days, Eo said.
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