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Solana (SOL) ecosystem has seen a significant increase in on-chain activity in recent months. This increase is notable with decentralized applications (dApps) like Raydium, Pump.Fun, and Jito becoming leading fee generators. According to recent data, Solana’s daily active addresses have surpassed 2 million, indicating a significant influx of users.
Raydium, Pump.Fun, and Jito Boost Solana
Raydium stands out as the dApp collecting the most fees from Solana users. The decentralized exchange (DEX) recorded a transaction volume of $30 billion in July, making it the second-largest DEX after Uniswap. According to DeFiLlama’s data, Raydium increased its fee revenue from $33 million in June to $65 million in July.
Moreover, Pump.Fun has risen rapidly due to the increasing demand for memecoin trading. With its user-friendly interface and Solana’s low transaction costs, over 1.5 million memecoins have been created on the platform since its launch in March 2024. The platform recorded over $28 million in fee revenue in July, marking its highest monthly fee revenue since its launch.
On the Maximal Extractable Value (MEV) front, Jito continues to be the leading protocol on Solana. Jito’s off-chain block space auction system allows investors to send transaction bundles with bids, enhancing transaction execution reliability. MEV tips collected by validators using the Jito client reached approximately $36 million in July, showing a 26% growth compared to June.
Notably, on July 28, daily MEV tips reached $3.2 million, making it the highest fee-collecting platform on Solana that day. These fees represent values paid through the MEV platform, not to Jito stakers. Jito’s actual revenue was recorded at $1.4 million in July.
Increase in On-Chain Activity Supports SOL
The increase in Solana’s on-chain activity highlights how the ecosystem is supported by various dApps and how user interest has grown. Platforms like Raydium, Pump.Fun, and Jito continue to significantly contribute to the growth of the Solana ecosystem, positively impacting Solana’s main network asset, SOL.
According to recent data, SOL has risen by 61.44% since the beginning of the year. The popular altcoin is trading at $163.88 at the time of writing.
