In the year 2024, the decentralized exchanges (DEXs) on Solana showed significant growth, as they reached $1.7 billion of fee income. The center of attraction in the crypto market was Memecoin.
As per the report by AiCoin, Raydium, the key player, accounted for 80% of the total earnings. On the other hand, the Photon trading bot was the most successful one and produced fees worth about $750 million.
The trading platform of Jito, the priority trading solution, Palace, managed to accumulate fees of $340 million. While Pump.fun had success with the issuance of simpler coins and managed to get $240 million through fees.
In 2023, the memecoin market cap went up from $20 billion to over $100 billion in 2024. Memecoin left Bitcoin and Ethereum behind and attracted significant fee-paying “whale” players. These whales helped the growth of the main platforms: Raydium, Jito, and Pumpfun.
Memecoin’s total on-chain transaction fees were more than $3 billion in 2024, according to the report. It received the largest tribute from a whale player who invested $130 million. Raydium was at the top of the list, bringing in $1.7 billion in fees.
High concentration of memecoin fee spending
According to the data from the 2024 Memecoin Annual Consumption Report, the richest 1% of users were the ones who paid 68% of all the fees to developers. The top 10% contributed 91%, illustrating the very high concentration of expenditures within a small user base. That largest whale, MfDuWeq, paid $129 million in fees, mostly on Raydium.
The mammoth expansion of Memecoin is symbolized in the Solana DEX universe. More than 89% of Solana addresses were capable of trading on Raydium, which was an even better rate than other DEXs like Meteora.
In spite of the fact that Raydium charges higher fees, the wide liquidity and the flawless user experience it offers made it the most liked platform. Besides, trading bots were the most popular, and around 2 million users took their help for their convenience.
The whales chose Photon- one of the most powerful bots, while the regular users were more inclined to use Trojan. Beginners tried different options, which showed the diversity of bot usage. In general, the rise of Memecoin in Solana’s ecosystem indicated that bigger users are indeed the main factor in the platform’s success.
