- Meteora accounts for a major portion of the blockchain activity on Solana.
- Meteora surpassed Pump Fun by generating $5.37 million in fees in the last 24 hours.
The Solana ecosystem is thriving with memecoin trading activity. It surpassed Ethereum in terms of memecoin creation and trading with sophisticated DeFi platforms. Pump Fun has been a popular memecoin creation platform, giving birth to numerous memecoins on the Solana blockchain. Another Solana DeFi platform, Meteora, is creating waves in the Solana ecosystem by surpassing Pump Fun in terms of fees generated.
Meteora: The Top Fee-Generating DeFi Platform on Solana
As per the open-source analytics website DeFiLlama, Meteora climbed up to be the top fee-generating DeFi platform on the Solana blockchain. It generated $5.37 million in the last 24 hours, followed by Pump Fun and Jupiter with $2.47M and $1.71M, respectively. The next two Solana DeFi platforms are Jito and Axiom, with $1.69M and $1.59M fees generated, respectively, in the last 24 hours.
The fact that multiple decentralized platforms surpassed their parent blockchain, Solana, in terms of fees generated is noteworthy. It demonstrates the robust quality, accessibility, and usability of these platforms with innovative features. Solana stood in the 6th position by generating only $1.37 million in fees in the last 24 hours.
What’s Behind Meteora’s Surge in Usage?
The Meteora DeFi platform was launched in 2024 to address the challenges faced by the Solana community in terms of memecoin creation and trading. It is not new for the Solana blockchain to witness another dApp focused on memecoin trading. However, Meteroa has made a name for itself by addressing issues involved with memecoin trading.
Most of the memecoins lose their spark in weeks, and holders who wait for a price surge will lose their funds eventually. However, Meteora changes this fundamental issue with memecoins. Its perpetual fee generation model and dynamic liquidity market maker ensure that both creators and token holders benefit from their efforts and investments.
Meteora has recently announced the launch of its v2, further boosting trading activity on the platform. Its Dynamic Bonding Curve (DBC) integration allows inventors and liquidity providers to earn fees and yields. This feature has gained extreme popularity in the crypto memecoin community by eliminating previous issues with memecoins.
Solana DeFi platforms are expanding the limits of what blockchain technology can do. And Meteora is leading the way by foreseeing and addressing the needs of both investors and memecoin creators. Its partnerships with other platforms like Candle and Dripster are further boosting Meteora’s usage and visibility.
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