Solana has outperformed Ethereum in daily DEX volume.
Key Takeaways
- Solana's TVL has reached its highest point since January 2022.
- Solana's 24-hour DEX volume has exceeded $2 billion.
Solana’s total value locked (TVL) has surged to $6.4 billion, marking its highest level since January 6, 2022, according to data from DeFiLlama.
In terms of daily decentralized exchange (DEX) volume, the blockchain has surpassed Ethereum and other major networks. Its DEX volume has exceeded $2 billion over the past 24 hours while Ethereum’s has reached over $1.4 billion.
The surge in TVL comes at a time when Pump.Fun, a Solana-based token issuer, has gained traction. Data from Dune Analytics shows that the platform is approaching 1 million SOL in lifetime fees while the number of tokens launched since its March debut has surpassed 2.5 million.
In addition, the platform has also seen a significant spike in activity with 5,550 addresses issuing 7,500 tokens in just the last 24 hours. The peak was driven by a renewed interest in AI-themed memecoins, reminiscent of the GOAT craze.
Lookonchain reports that Pump.Fun’s creators have capitalized significantly, selling over $6 million worth of SOL recently, which adds to a total of over $78 million or 500,000 SOL in lifetime sales.
The platform allows users to create tokens for less than $2, selecting the token amount, theme, and meme image. When these tokens reach a market cap of $69,000, part of the liquidity is moved to the Solana-based exchange Raydium and subsequently burned. While also available on the Base and Blast networks, Pump.Fun’s primary usage is on Solana, where it has generated $147 million in revenue since its inception.