Solana Network Activity Soars, Propelling Dapp Revenue

IconCryptoNewsTerminal Staff01 Aug, 2024

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Solana Network Activity Soars, Propelling Dapp Revenue

Solana (SOL) network activity has surged in recent months, with the 7-day average number of active addresses surpassing 2 million and on-chain transaction volume spiking. This surge in activity has led to a significant increase in fee revenue for decentralized applications (Dapps) built on Solana. Raydium (RAY), a decentralized exchange, generated $65 million in fees last month, more than double the $33 million it earned the previous month. Other Dapps such as meme coin creation tool pump.fun and liquid staking protocol JTO have also seen increases in fee revenue. The increase in network activity and Dapp revenue is a positive sign for the Solana ecosystem. It indicates that users are increasingly adopting Solana and its applications, which is driving growth in the network and its native token, SOL.

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