For nearly two weeks, Solana has been leading in terms of daily trading volumes in the decentralized finance sector. On October 24, transaction fees on Solana’s network (SOL) reached an all-time high, surpassing $11 million. This metric, known as “real economic value” (REV), includes 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 decentralized finance (DeFi) space for almost two weeks. On October 24 alone, its decentralized exchanges processed over $2.6 billion in transactions.
The recent surge in REV and trading volumes can be attributed to the AI-driven meme coin trend. The AI agent Truth Terminal played a significant role in this trend by publishing information on Goatse Gospel, which inspired the creation of the Goatseus Maximus (GOAT) meme coin.
As a result, Solana has experienced an influx 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 more than 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, as reported by Blockworks Research. This surge also propelled Pump.fun’s cumulative revenue above the 1 million SOL mark just nine months after its launch.