Transaction-related fees on Solana (SOL) surpassed $11 million on Oct. 24, marking a new all-time high, according to Blockworks Research data.
The metric is called “real economic value” (REV), which includes transaction fees and MEV tips for validators.
Solana has been dominating daily trading volumes in the decentralized finance (DeFi) ecosystem for 13 days straight, according to DefiLlama.
Meanwhile, the network’s decentralized exchanges registered over $2.6 billion in trading volume on Oct. 24.
AI memecoins lead growth
Notably, this peak in REV and the significant trading volume come amid the frenzy sparked by the intersection between artificial intelligence (AI) and memecoins.
The AI agent Truth Terminal spurred this new on-chain trading “meta,” as its publications about a “Goatse Gospel” motivated the inception of the memecoin Goatseus Maximus (GOAT). GOAT currently has $650 million in market cap and has moved nearly $450 million on-chain in the past 24 hours.
Consequently, a big wave of AI-related tokens overtook Solana. Memecoin-focused launchpad Pump.fun reached an all-time high of 36,339 deployed tokens on Oct. 24, as revealed by Hashed’s dashboard on Dune Analytics.
The total deployed on Pump.fun represented over 84% of all 43,166 new tokens issued on Solana yesterday, which is also a new record.
Moreover, Pump.fun-launched tokens took the lead in weekly trading volumes on Solana for the first time, with roughly $8.7 billion moved last week, based on Blockworks Research data.
Due to these factors, another key threshold was breached on Oct. 24, with Pump.fun surpassing 1 million SOL in revenue just nine months after its launch.