what happen?
The Solana ecosystem has recently shown amazing growth momentum. According to the Defi data platform DefiLlama, in the past 24 hours, 5 of the top 10 applications came from the Solana protocol.
Among them, Raydium set a daily transaction fee record of US$11.31 million on November 17. In addition, the Jito protocol also received US$9.87 million in fee income that day, which was the third highest figure in its history.
Solana’s strong growth represents an increase in on-chain activities and the ecosystem is gradually returning to the mainstream of the market.
Solana decentralized application fees hit record high, Raydium leads the charging list
Defi data platform DefiLlama shows that Solana accounts for the largest proportion of decentralized exchange (DEX) trading volume, accounting for 33.59% of market activity as of November, far exceeding Ethereum’s 17.54%, showing that more and more users are starting to Turn to the Solana ecosystem.
Decentralized finance commentator Patrick Scott also recently posted a post on social platform , indicating that the activity on the chain is quite active.
Among them, Raydium, the Solana automated market maker, set a new record of US$11.31 million on November 17, while Jito, the liquidity staking protocol, also ranked third with US$9.87 million on the same day.
Other Solana applications also showed strong growth. For example, pump.fun, which focuses on meme currency issuance, entered the top 10 revenue list of the day, generating $1.65 million in revenue. Photon, a Telegram trading robot based on Solana, also earned $2.36 million that day, making it the fifth highest-earning day in history.
In addition, Solana’s actual economic value, measured by transaction fees and Maximum Extractable Value (MEV), has now reached an all-time high, representing the increasing utilization of the blockchain network.
Meme coin craze reignites! Peanut’s market value exceeds US$2.4 billion
The recent meme currency market has once again sparked a craze, with the squirrel-themed Peanut (PNUT) performing the most eye-catchingly. Its price soared 2,700% in 2 weeks, reaching a market capitalization of US$2.4 billion on November 14.
One of the reasons why Peanut became popular was because it was boosted by Elon Musk’s many tweets on the X platform.
At the same time, another well-known Solana meme coin, Dogwifhat (WIF), successfully logged into Coinbase on November 15, and its price instantly surged to a six-month high of $4.19.
The analysis pointed out that this wave of meme currency hype shows that the market's confidence in the Solana ecosystem is recovering, driving its overall transaction volume and application revenue to rise.
Solana’s native token SOL hit $242 on November 17, hitting a three-year high, only an 8.5% increase away from the all-time high of $259.
Matthew., Head of Digital Asset Research at VanEck. Matthew Sigel is more optimistic and believes that the United States is expected to approve the Solana ETF before the end of 2025, further attracting institutional capital inflows.
Solana's strong growth signals that its ecosystem is returning to the mainstream. From the meme currency craze to the growth of decentralized exchanges to the possible impact of future ETFs, Solana has demonstrated the dual advantages of technology and market.
As the market continues to evolve, whether Solana can break all-time highs and become a new leader in the blockchain field deserves continued attention from the market.
References: cointelegraph, cointelegraph
