In lower than three months, the memecoin craze has pushed charges generated from $361,000 to $3.2 million.
Because the memecoin craze continues, merchants on Solana have seen charges skyrocket.
In accordance with DefiLlama, day by day transaction charges have surged from $361,000 on December 31 to an all-time excessive of $4.95 million on March 17. Nonetheless, transaction prices at the moment have dropped to $3.29 million, nonetheless a virtually 10-fold improve from lower than three months in the past.
Income from Layer 1 networks has additionally soared, from $180,000 on the final day of 2023 to a peak of $2.47 million on March 17. In the present day, the community took in $1.64 million, down barely from the day before today.
Amid the memecoin craze, decentralized exchanges within the Solana ecosystem have additionally been closely used.
In accordance with knowledge from DefiLlama, DEX month-to-month buying and selling quantity within the first 20 days of March surpassed the all-time excessive of $28 billion set in December 2023. The 11-day buying and selling quantity reached $42 billion.
On the identical time, day by day buying and selling quantity additionally exceeded the earlier excessive report, hovering to $2.8 billion on March 4.
Coingecko reviews that Jupiter ranks second amongst all DEXs with $1.2 billion in buying and selling quantity, behind Ethereum’s Uniswap, which has $2.1 billion in buying and selling quantity and accounts for 18% of all buying and selling quantity. Orca and Raydium, which ranked decrease, made the highest 10 with revenues of US$876 million and US$665 million respectively.
Memecoin merchants are flocking to Solana as a result of excessive provide of DogWifHat, BOME, and the unbelievable money burn of Slerf, which interprets into excessive charges, vital income, and Solana market cap soared to an all-time excessive final week and is at the moment 81 USD billion.
