{"id":5713,"date":"2024-09-11T20:00:54","date_gmt":"2024-09-11T20:00:54","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5713"},"modified":"2024-09-11T20:00:54","modified_gmt":"2024-09-11T20:00:54","slug":"raydium-dominates-solana-defi-gas-fees-drop-80-as-meme-coin-activity-shifts","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5713","title":{"rendered":"Raydium Dominates Solana DeFi, Gas Fees Drop 80% As Meme Coin Activity Shifts"},"content":{"rendered":"

Decentralized Finance (DeFi) activity might be falling as of early September. According to DeFiLlama, all DeFi protocols spread across major blockchains like Ethereum and Solana manage<\/a> roughly $77 billion worth of assets. Ethereum dominates in total value locked (TVL).<\/p>\n

Raydium Dominates Solana DeFi Scene<\/h2>\n

While this might be the case, the Solana DeFi scene is booming if recent data is anything to go by. Raydium, a leading decentralized exchange (DEX) on Solana, has solidified its position as a top DeFi protocol on the platform. <\/p>\n

According to Artemis data shared<\/a> by an analyst on X, the DEX commands a 60% market share, attracting over 200,000 active users on average. At this pace, Raydium is the most engaged DeFi protocol ahead of Jupiter.<\/p>\n

The surge in user activity has also seen the daily active address base explode. The latest data shows<\/a> that the modern blockchain posts an average of 5.5 million daily active users, the highest in history. At this rate, despite the booming Ethereum and its layer-2 ecosystem, their protocols are not as active as those deploying on Solana. <\/p>\n

<\/a><\/p>\n

Solana is scalable on the base layer, unlike scaling solutions for Ethereum like Base and Arbitrum. The result translates to high throughput and more confidence since no tools like a fault-proof system<\/a> or a sequencer exist. These off-chain systems tend to introduce weaknesses and lead to centralization. <\/p>\n

Gas Fees Rapidly Falling, Meme Coin Activity Shifts To Tron<\/h2>\n

Interestingly, even as daily active addresses rise, gas fees plunge.\u00a0 As of September 7, revenue generated from gas fees was at the lowest level in six months, hovering at around $414,000. <\/p>\n

Though revenue recovered temporarily, it is nothing compared to the $5 million generated on March 18, looking at TokenTerminal data<\/a>.<\/p>\n

The drop in fees could be linked to the dropping popularity of Pump.fun, a meme coin launchpad on Solana. Over the past few weeks, gas fees from the launchpad have been declining, dumping by over 80% after peaking at over $2.31 million in late July. By September 7, Pump.fun generated around $319,000 in fees, looking at DeFiLlama<\/a>. <\/p>\n

Meme coin activity, looking at solid DeFiLlama data, seems to be shifting to Tron, another scalable blockchain. The launch of a meme coin launchpad, SunPump, in August coincided<\/a> with the decline of Pump.fun activity, and thus, there are daily fees for Solana.<\/p>","protected":false},"excerpt":{"rendered":"

Decentralized Finance (DeFi) activity might be falling as of early September. According to DeFiLlama, all DeFi protocols spread across major blockchains like Ethereum and Solana manage roughly $77 billion worth of assets. Ethereum dominates in total value locked (TVL). Raydium Dominates Solana DeFi Scene While this might be the case, the Solana DeFi scene is […]<\/p>\n","protected":false},"author":0,"featured_media":5714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5713"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5713"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5714"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}