REPORT | MemeCoin Creation Platform, Pump.fun, Collected $525,000 in Average Daily Fees, Says Solana Q2 2024 Report

Solana’s DeFi TVL fell by 9% QoQ to $4.5 billion, ranking it fourth among networks in Q2 2024, according to the State of Solana Q2 2024 report by crypto research firm, Messari.


That said, DeFi TVL denominated in SOL grew by 26% QoQ, indicating the USD-denominated drop may have been driven more by token price depreciation than capital outflow.


DEX volume reduced slightly compared to peak activity in March 2024 but maintained elevated levels, the report said:

“Average daily spot DEX volume grew by 32% QoQ to $1.6 billion. DEX activity has continued to be driven by memecoin trading with WIF, MEW, POPCAT, and GME among the top 10 tokens by Q2 token pair trading volume.”

At the center of the memecoin frenzy was pump.fun, a gamified token launch platform, that became one of the most widely discussed applications across crypto.

In Q2 2024, pump.fun collected an average of $525,000 in daily fees with $48 million in total Q2 2024 fees. Near the end of May 2024, several celebrities began launching their own tokens on pump.fun, sparking a celebrity memecoin craze, which drew some controversy.

Pump.fun’s popularity spawned forks such as:

• Dexscreener’s Moonshot
• Whales Market’s whales.meme, and
• Meme Royale

According to the report, the decentralized exchange, Raydium, has been a major beneficiary of pump.fun, as all the liquidity from pump.fun bonding curves is transferred to Raydium once the token hits a market cap threshold Raydium’s average daily volume increased by 77% QoQ to $867 million, raising its market share from 40% in Q1 2024 to 54% in Q2 2024. Its DeFi TVL also grew by 46% QoQ to $991 million, becoming Solana’s top DeFi protocol by TVL.


That said, Jupiter remained the primary Solana exchange, accounting for 51% of Q2 2024 spot DEX volumes. However, its market share fell throughout the quarter to 37% by the last week, which was surpassed by Raydium’s market share of 38%.

Facilitating these transactions, we see that Solana’s stablecoin market cap grew by 8% QoQ to $3.1 billion, ranking it 6th among networks. This was boosted by PayPal which expanded its PayPal USD (PYUSD) stablecoin to Solana, joining only Ethereum as a supported network. However, USDC remained the dominant stablecoin on Solana, growing its Solana market cap by 5.5% QoQ to $2.2 billion.

You can see the State of Solana Q2 2024 report here.