Solana has seen a significant surge in on-chain volume and a spike in daily active addresses, surpassing 2 million recently, based on a 7-day moving average, according to The Block’s data dashboard. This influx of users into the ecosystem is being led by decentralized applications (dapps) like Raydium, Pump.Fun, and Jito, which are also the top fee generators on the network.
Raydium has emerged as the leading fee generator on Solana. The decentralized exchange (DEX) recorded $30 billion in trading volume in July, making it the second-largest DEX in terms of volume after Uniswap. According to DeFiLlama data, Raydium generated over $65 million in fees in July, up from $33 million in June.
The growing demand for memecoin trading has propelled Pump.Fun to prominence. With a user-friendly interface and Solana’s low transaction costs, Pump.Fun has facilitated the creation of over 1.5 million memecoins since its launch in March 2024. These tokens span a range of themes, including political and celebrity-focused coins. The platform generated over $28 million in fees in July, marking its highest monthly fee total since launch.
In the maximal extractable value (MEV) niche, Jito has maintained its position as the top protocol on Solana. Known for its off-chain blockspace auction system, Jito allows traders to submit transaction bundles with bids, improving transaction execution reliability. In July, MEV tips collected by validators using the Jito client reached about $36 million, a 26% increase from June. On July 28 alone, daily MEV tips surged to $3.2 million, making it the highest fee-generating day on Solana.
It’s important to note that these MEV tips are not fees generated for Jito stakers but represent the value paid through the MEV platform. Jito’s actual revenue for July was recorded at $1.4 million, as per the data.