Coinspeaker Solana Ecosystem Records High Performance from DApps
The Solana ecosystem has seen a notable rise in its on-chain activities in these past few months. These activities also include a reasonable surge in daily active addresses. The Block’s data dashboard shows that this metric recently crossed 2 million based on a 7-day moving average. Markedly, a series of positive sentiments have triggered a massive influx of users into the Solana ecosystem.
Top Solana DApps Spotlight
The Decentralized Applications (DApps) resident on the Solana blockchain including Raydium, Pump.Fun, and Jito contributed significantly to this current boom. All three DApps feature on the list of top fee generators on Solana. In first place is Raydium, leading the other Decentralized Exchanges (DEXs) with a July trading volume of $30 billion.
This value made Raydium the second-largest in terms of DEX volume following Uniswap. Additionally, DefiLlama data confirmed that the DEX generated more than $65 million last month. This corresponds with almost a 50% increase from the $33 million fees generated from users in June. Pump.Fun followed Raydium at a safe distance, fueled by the increasing demand for meme coins.
Notably, as meme coin trading experienced an increase, so did Pump.Fun. Solana saw several thousands of new tokens launch on its network consistently and most of them, especially meme coins, utilized Pump.Fun. The point of attraction for these new projects are Pump.Fun’s relatively user-friendly interface and Solana’s low transaction costs.
From March 2024 when Pump.Fun launched on Solana till this time, the protocol has facilitated the creation of over 1.5 millions tokens. Most of them are political and celebrity-themed tokens. With this massive traction, Pump.Fun generated user fee in July hardly came as a surprise.
Precisely, the DApp recorded a total of approximately $28 million last month, marking the highest monthly level ever reached since its launch.
Jito Reigns as Top MEV
While Jito barely comes close to Raydium in terms of generated fees, this DApp leads the Maximal Extractable Value (MEV) niche on Solana. Largely recognized for its off-chain blockspace auction system, Jito is positioned as the top protocol on Solana (MEV). With Jito, traders can submit transaction bundles with bids. This in turn improves the reliability of transaction execution.
In July, MEV tips or fees collected by validators via Jito accumulated to a total of $36 million, corresponding with a 26% increase from the levels seen the previous month. The MEV tips paid to validators’ also increased amidst a surge in on-chain trading on the network. On July 28, daily MEV tips went as high as $3.2 million, generating the most fees on Solana that particular day.
All of these sentiments and high values, including that of other DApps that did not rank high, have contributed to the bullish outlook of the Solana ecosystem. At the moment, the price is not showing this sentiment. SOL is down by 4.62% in 24 hours to $162.88.
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Solana Ecosystem Records High Performance from DApps
