Solana’s daily transaction fees soared to $11.84 million on November 19, marking a new single-day record driven by a surge in memecoin activity.
According to on-chain data from DeFiLlama, the network’s revenue reached $5.92 million. With the latest $11.84 million fee transaction, Raydium (RAY), Solana’s largest decentralized exchange (DEX), also recorded roughly $15 million in fees for two consecutive days, with daily revenue of about $1 million.
The report further noted that Solana MEV infrastructure Jito (JTO) achieved a new milestone as its fees soared to $15.55 million, generating $622,000 in revenue and setting a record high. Additionally, Solona’s meme coin launch platform recorded $2.46 million in fees and revenue on the same day, setting a new single-day benchmark.
Meanwhile, at the time of writing, SOL is trading at $230, down over 4.4% in the last 24 hours.
Over $7M in Transaction Fees
Fueled by the rising interest in meme coins, Solana has experienced an unprecedented surge in network activity. On October 24, 2024, the network generated $3.81 million in daily revenue, with total transaction fees amounting to $7.63 million.
Solana’s low transaction costs and scalability have also made it a preferred destination for projects transitioning from other blockchains. These projects seek to capitalize on the booming memecoin market and the platform’s economic advantages.
As the memecoin craze continues to gain momentum, Solana’s advanced infrastructure is well-positioned to support its ongoing expansion. However, the long-term viability of this growth will depend on the network’s capacity to broaden its applications and effectively address potential challenges.
Record-Breaking Fees for Solana’s Protocols
Over time, Solana’s protocols have recorded millions of dollars in daily transaction fees. For instance, on November 17, Solana’s automated market maker, Raydium, reached a historic milestone with $11.79 million in daily transaction fees, setting a new record for the platform.
Similarly, Jito, a protocol focused on liquid staking, generated $7.89 million in fees, marking its third-highest daily performance, according to data from DeFiLlama.
The report comes as Solana’s decentralized exchange (DEX) trading volume has skyrocketed to a record-breaking $78.24 billion monthly volume, marking a significant increase of 31% from its previous all-time high of $59.79 billion. With November still underway, users may anticipate the volume continuing to grow, surpassing the $100 billion milestone.
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