Pump.fun regains top spot in Solana revenue production

In the past week, Pump.fun returned as the highest net producer of fees. Solana still produces over 68% of application revenue compared to all other chains.

Solana’s economic activity has charted an expansion trend since the low point in March. Currently, Solana’s apps produce 68% of revenues from all other chains.

Based on different data, Solana carries at least 50% or up to 68% of app revenues, mostly linked to token-based activity, DEX trading, and routing. For the past week, Meteora, Pump.fun and Jupiter were the top fee producers. The ecosystem also tapped the activity of Raydium, Phantom wallet, BonkBot, Trojan, and other apps instrumental to DEX trading.

Solana app revenues are expanding for the past two months, though still far from their all-time peak in January. | Source: Blockworks

Kamino Finance recently reached an all-time high in revenues, driven by the growing value of tokens. The lending protocol benefits from the growing supply of USDC on Solana, which allows traders to deposit meme assets and unlock more USDC.

While risky, this lending practice increases Solana liquidity and activity. Solana still carries $11.54B in stablecoin supply, with another $250M USDC minted on May 26.

Unlike Ethereum and other L1 chains, Solana hardly carries games, and had a brief NFT season. Most of the revenues come from Pump.fun token minting, trading, and routing

Solana achieved peak weekly revenues in January, at $272M, then had a local weekly minimum at $28M. The current levels show a sustainable recovery trend over the past two months

Pump.fun remains the peak revenue producer on Solana

Pump.fun returned with over 35K daily tokens launched. The protocol produces over $2M in daily fees, retaining its primacy despite competition from other launch platforms on Solana. While Pump.fun has lost its monopoly position, the new launchpads are yet to prove their sustainability in attracting trench traders

Pump.fun started sharing its fees, returning some of the inflows to the Solana ecosystem. | Source: DeFi Llama

On a daily basis, between 10,000 and 14,000 addresses are creating tokens on Pump.fun, retaining a higher baseline. During the low point of the market, Pump.fun had only 1,000 addresses minting a token. Pump.fun still generates over 82% of new tokens, but most assets are only valued at $1,000 to $10,000. In 30 days, Solana produces over 1M new tokens.

This time around, Pump.fun does not retain all fees as revenues. The platform has started sharing a part of its fees with token creators and liquidity providers on PumpSwap, putting some of the funds back in the ecosystem. Until recently, the meme token launchpad was seen as key for the Solana ecosystem, but also a tool to extract revenues

The Solana ecosystem produces over $1M in daily fees, of which most are shared with validators. The main chain lags behind its apps in terms of revenue production.

Despite the growing activity, SOL remained around $177.44. SOL open interest is at an all-time high of $3.76B. Solana-based older memes also recovered their value to above $13B. Older tokens like BONK, WIF, POPCAT, and others are once again deposited to Kamino Lend to unlock liquidity.

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