Solana reached a new alltime high in daily revenue and fees due to the growing popularity of memecoins. Often called the Ethereum killer, Solana is now outperforming competitors in transaction speed and efficiency. The blockchain has broken records in total value locked TVL fees and revenue. This article breaks down the key numbers and technical reasons behind Solana's meteoric rise.

1. Memecoins Push Solana to Record Revenue: Meme coin popularity drove Solana to break records in daily revenue and transaction fees. Platforms like Pump.fun brought in $2.4 million in daily revenue.

2. Raydium Powers Solana’s Growth: Raydium the top DEX on Solana generated $15 million in daily fees. Solana’s speed of 65,000 transactions per second gave Raydium a massive advantage over Ethereum’s 15–30 transactions.

3. Solana Overtakes Ethereum: Solana outperformed Ethereum in fees and revenue. It recorded $11.8 million in fees compared to Ethereum's $6.32 million. Solana’s low fees and high scalability made it a preferred choice for fast and affordable blockchain use.

Source: SOL/USDT 1 Week Chart KuCoin

Solana recently achieved $11.8 million in transaction fees within a single day. This surpasses Ethereum’s $6.32 million. The key to this milestone lies in Solana's proof of stake system which offers far lower fees and faster transactions than Ethereum's proof of work model. Solana's speed and efficiency attract users looking for affordable and quick blockchain solutions.

On the same day Solana generated $5.9 million in revenue. This figure was driven by increased activity in decentralized finance DeFi and memecoins. Only Tether managed to outperform Solana in revenue hitting $13.3 million. Total value locked in Solana's DeFi sector surged to $8.35 billion making it one of the top DeFi ecosystems. TVL is a measure of the total capital staked on the network. It shows investor confidence and interest. Solana’s current TVL level is challenging Ethereum which holds $20.5 billion. This achievement highlights Solana’s potential to dominate the blockchain market by attracting liquidity and staked assets.

DeFi TVL: Ethereum vs. Solana | Source: DefiLlama 

Raydium, the largest decentralized exchange on Solana, played a major role in this record breaking performance. In just 24 hours Raydium generated $15 million in fees making it the top contributor to the network's earnings. During the same period Raydium earned $1 million in revenue. This reflects significant trading volume and strong user engagement.

Raydium is popular because it offers low fees and quick trades which attract both retail and institutional investors. Solana’s ability to process 65,000 transactions per second gives Raydium an edge over Ethereum which handles only 15 to 30 transactions per second. This technical advantage makes Solana ideal for executing a high number of trades especially during surges in market activity. The combination of speed and affordability creates a platform where traders can transact efficiently without the slowdowns seen on Ethereum.

Memecoins have become a powerful trend and Solana has capitalized on this through the Pump.fun launchpad. Pump.fun earned $2.4 million in daily revenue which exceeded Bitcoin's $2.3 million revenue that day. This shows the considerable impact memecoins are having on blockchain ecosystems particularly those that can process a large volume of small transactions cost effectively.

The excitement around meme coin launches on Pump.fun led to increased revenue driven by numerous small trades. Solana's strengths—high throughput and minimal fees—make it perfect for this type of activity. memecoins generate buzz leading to many users making smaller transactions. Solana's infrastructure allows it to handle these volumes easily while keeping transaction costs very low.

Pump.fun's performance highlights how memecoins are more than just a passing trend. They are fueling mainstream adoption and engagement with blockchain technology. By attracting different types of investors—from seasoned traders to newcomers—memecoins have boosted Solana’s activity, pushing the network to set new records. Platforms like Pump.fun help demonstrate that memecoins are a key factor in the growing popularity of decentralized finance and blockchain technology on Solana.

Read More: Trending Memecoins to Watch This Week as Crypto Market Sees Record Highs

The value of Solana's native token SOL has risen substantially showing strong market performance. Over the past year SOL rallied by 295%. This growth boosted its market cap to $113 billion making it the fourth largest cryptocurrency. SOL is narrowing the gap with Tether which holds a market cap of $128.8 billion. This closing gap shows increasing interest in Solana among traders and investors.

On November 19 SOL reached a price of $247 its highest level since November 2021. Though it slipped slightly by 1.8% ending at $238 the token remains just 8.7% away from it's all time high of $260. The price surge reflects growing investor confidence in Solana's potential. More projects are launching on the platform and the need for SOL has risen. SOL is required for transactions staking and other network activities. This demand has pushed the value of SOL up considerably.

Solana throughput | Solana Explorer 

Ethereum is still the most well known smart contract platform but Solana's recent accomplishments show it is gaining significant ground. During the day Solana set new records Ethereum earned $6.32 million in fees and $3.6 million in revenue. In contrast Solana brought in $11.8 million in fees and $5.9 million in revenue. These figures show that users are favoring Solana for its low cost and high speed transactions.

A major factor in Solana's recent success is its much lower transaction fees. The average fee on Solana is $0.00025 compared to $4.12 on Ethereum. This makes Solana far more appealing especially for those making smaller transactions or needing high throughput such as in NFT markets and DeFi. Solana's scalability also stands out. The network can process 65,000 transactions per second while Ethereum can only handle 15 to 30. This scalability ensures that as demand grows Solana can maintain its speed and efficiency unlike Ethereum which often struggles with congestion.

Read More: Solana vs. Ethereum: Which Is Better in 2024?

Memecoins have driven Solana to record highs in revenue fees and total value locked. Platforms like Raydium and Pump.fun have been instrumental in this success demonstrating the power of memecoins and DeFi to fuel blockchain growth. With its scalable infrastructure, low fees and high throughput, Solana continues to challenge Ethereum’s dominance and gain ground in the market. As memecoins gain further traction Solana is well positioned to sustain this momentum and reshape the future of decentralized finance.

Read more: Top Solana Memecoins to Watch