The post Solana dominated with dramatic fee growth in October appeared on BitcoinEthereumNews.com.

Solana expanded its influence as a fee-generating chain, surpassing Bitcoin on a monthly basis. The chain still lags behind Ethereum, but shows the marked effect of meme token launches and trading.  Solana was among the most actively growing networks, taking up a bigger share of generated fees. In October, Solana’s share of fee-generating networks increased to a record, while other networks slowed down. Solana marked a shift in October, as the market’s attention turned to meme tokens and cheap on-chain DeFi. Raydium, Jupiter DEX, and Pump.fun remained Solana’s top three apps, making up the bulk of the chain’s traffic. Solana increased its fee production in the last few months, reaching a new peak in October. | Source: Dune Analytics Solana’s performance surpassed that of Bitcoin, due to holding and lower on-chain activity. For most of 2024, Bitcoin still produced more fees than Solana, which retained the fourth spot. The trend shifted in the past month, based on Token Terminal data.  In addition to the Solana L1 chain itself, Raydium and Jito are among the biggest fee producers, usually in the top 5 or top 10 of apps and platforms. Based on DeFi Llama data, Solana is ranked seventh in terms of 24-hour fees, while Raydium ranks at position 4 with $2.56M in daily fees. Apps and trading hubs were among the biggest fee-generating protocols, as noted in the latest Binance monthly market insights for October. Solana also carries a growing DeFi sector, due to the inflow of liquidity and users. Value locked remains near the high range for this cycle at $6.65B. From November 7 onward, Solana will also carry cbBTC, the wrapped BTC version launched by Coinbase. The new asset will add to the liquidity locked on Solana through DeFi apps, tapping the value of BTC as it rises…

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Filed under: News - @ November 7, 2024 6:27 pm