- Impact on Solana from Pump.fun and SundFuns new launches
- High User Activity on Solana
- Reduced JitoSOL Activity and Fee Impact
The Solana network continues to show stable activity and significant transaction volume despite a decrease in activity on the Pump.fun platform.
Impact on Solana from Pump.fun and SundFuns new launches
Solana remains one of the busiest networks, both for token transfers and NFT activities. The network saw a drop in fees linked to decreasing activity on Pump.fun, but overall activity is steady at its annual average. Despite the current drop in the number of daily active users and the number of tokens issued on Pump.fun, the platform continues to launch thousands of tokens daily and generate significant revenue. One factor influencing the user outflow is the launch of the new SunFun meme token hub on the TRON network.
High User Activity on Solana
Solana continues to generate over $4M in weekly fees, close to its usual range. Recent data shows an increase in daily active users to over 3M wallet interactions. In August, Solana gained market share as bot activity increased compared to Ethereum and Binance Smart Chain. Average transaction fees dropped to $0.002 per 270M daily transactions, indicating a return to basic activity levels.
Reduced JitoSOL Activity and Fee Impact
The leading validator JitoSOL, a key indicator of aggressive trading on Solana, saw a decrease in fees. At peak periods, JitoSOL generated over $3M in 24-hour fees, but it has recently dropped to about $327K. This significant decline is linked to reduced MEV bot rewards, which play a crucial role in block building for token sniping. Recently, Solana returned as a fee-leading network, showing a shift in network activities following the meme token boom.
Solana maintains a confident level of activity and remains one of the leading networks in the cryptocurrency space, despite temporary decreases in specific platform activities and low transaction fees.
