For nearly two weeks, Solana has been leading in terms of daily trading volumes in the decentralized finance (DeFi) space. On October 24, transaction fees on Solana’s network (SOL) reached an all-time high, amounting to over $11 million. This metric, known as “real economic value” (REV), includes both transaction fees and validator tips associated with maximum extractable value (MEV).
According to data from DefiLlama, Solana has been leading in daily trading volumes within the DeFi space for nearly two weeks. On October 24 alone, its decentralized exchanges processed over $2.6 billion in transactions.
The recent increase in REV and trading volumes is a result of the trend of AI-driven meme coins. The AI agent Truth Terminal played a significant role in this by publishing information on Goatse Gospel, which inspired the creation of the Goatseus Maximus (GOAT) meme coin.
As a result, Solana has experienced a surge of AI-related tokens, with the meme token-focused Pump.fun platform reaching a peak of 36,339 old-trade cryptocurrencies on October 24, according to Hashed’s Dune Analytics dashboard. This accounted for over 84 percent of the 43,166 new tokens issued on Solana that day, setting a new record.
Furthermore, tokens backed by Pump.fun dominated Solana’s weekly trading volumes for the first time, reaching approximately $8.7 billion last week, based on Blockworks Research. This surge also pushed Pump.fun’s cumulative revenue above the 1 million SOL mark just nine months after its launch.