Traders on Solana<\/a> are witnessing a wild surge in fees as the memecoin frenzy carries on.<\/p>\n Daily transaction fees have soared from $361,000 on Dec. 31 to an all-time high of $4.95 million on March 17, according to DefiLlama<\/a>. Transaction costs dropped to $3.29 million today, however, which still represents a near 10X from less than three months ago.<\/p>\n The Layer 1 network\u2019s revenue has also skyrocketed, soaring from $180,000 on the last day of 2023 to a peak of $2.47 million on March 17. Today, the network raked in $1.64 million, a slight drop from the previous day.<\/p>\n Riding the memecoin frenzy, decentralized exchanges in the Solana ecosystem are also enjoying a ton of usage.<\/p>\n According to DefiLlama<\/a>, monthly DEX volume during the first twenty days of March outpaced the previous all-time high of $28 billion in December 2023. This month, $42 billion of trading volume has been recorded, a whopping 33% jump in a month with eleven days still to go.<\/p>\n Meanwhile, daily trading volume also topped its previous maximum, soaring to $2.8 billion on March 4.<\/p>\n Coingecko reports that Jupiter<\/a> is second for 24-hour volume among all DEXs, with $1.2 billion traded, trailing Ethereum\u2019s Uniswap<\/a>, a platform that, with $2.1 billion, accounts for 18% of all volume. Further down the line, but still within the top 10, are Orca with $876 million and Raydium<\/a> with $665 million in the same timeframe.<\/p>\n Memecoin traders are flocking to Solana, high on the supply of DogWifHat<\/a>, BOME<\/a>, and the unbelievable Slerf<\/a> burn, translating into high fees, substantial revenues, and a Solana market cap that surged past its all-time high last week and now sits at $81 billion.<\/p>\n The memecoin frenzy has pushed fees generated from $361,000 to $3.2 million in less than three months. Traders on Solana are witnessing a wild surge in fees as the memecoin frenzy carries on. Daily transaction fees have soared from $361,000 on Dec. 31 to an all-time high of $4.95 million on March 17, according to […]<\/p>\n","protected":false},"author":2,"featured_media":269118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-269117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/269117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=269117"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/269117\/revisions"}],"predecessor-version":[{"id":269124,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/269117\/revisions\/269124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/269118"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=269117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=269117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=269117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Solana](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fd1d42df511f122fb104cbfda95b5c3e69a0bad3a-1174x393.jpg&w=828&q=100\")
![\"SOL](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Ff5afaab0e495715301a062025fa8d0554841b426-817x456.jpg&w=828&q=100\")