Over the last several months, the Solana ecosystem has experienced a significant surge in on-chain activity, with daily active addresses surpassing 2 million based on a 7-day moving average.
This increase in activity has been largely driven by decentralized applications (dapps) such as Raydium, Pump.Fun, and Jito, which have become the top fee generators on the network.
Raydium
Raydium, a decentralized exchange (DEX), has emerged as the leading fee generator on Solana. In July, Raydium recorded $30 billion in trading volume, making it the second-largest DEX in terms of volume after Uniswap.
The platform generated over $65 million in fees during the same month, a substantial increase from $33 million in June, as reported by DeFiLlama. This growth underscores Raydium’s pivotal role in Solana’s ecosystem, attracting a significant number of users and facilitating high trading volumes.
Pump.Fun
Another notable dapp contributing to Solana’s fee generation is Pump.Fun, which has gained traction due to the rising demand for memecoin trading. Since its launch in March 2024, Pump.Fun has enabled the creation of over 1.5 million memecoins, many of which are themed around political and celebrity figures.
The platform’s user-friendly interface and Solana’s low transaction costs have made it a popular choice for memecoin enthusiasts. In July, Pump.Fun generated $28 million in fees, marking its highest monthly fee revenue since inception.
Jito
Within the maximal extractable value (MEV) niche, Jito has maintained its position as the top protocol on Solana. Jito’s off-chain blockspace auction system allows traders to submit transaction bundles with bids, enhancing transaction execution reliability.
Validators using the Jito client collected about $36 million in MEV tips in July, a 26% increase from June. On July 28 alone, daily MEV tips surged to $3.2 million, highlighting the platform’s significant impact on Solana’s fee generation.
It is important to note that the fees generated through the MEV platform do not directly translate to revenue for Jito stakers. Instead, Jito’s actual revenue for July was recorded at $1.4 million, reflecting the platform’s earnings from its MEV operations.
