Solana TVL reaches new peak since early 2022

Vivian Nguyen

Oct. 22, 2024

Solana has outperformed Ethereum in daily DEX volume.

Solana TVL reaches new peak since early 2022

Key Takeaways

Solana's TVL has reached its highest point since January 2022.
Solana's 24-hour DEX volume has exceeded $2 billion.

Solana’s total value locked (TVL) has surged to $6.4 billion, marking its highest level since January 6, 2022, according to data from DeFiLlama.

In terms of daily decentralized exchange (DEX) volume, the blockchain has surpassed Ethereum and other major networks. Its DEX volume has exceeded $2 billion over the past 24 hours while Ethereum’s has reached over $1.4 billion.

A key contributor to this TVL surge is Raydium, the established DEX in Solana. Data shows that Raydium TVL hit $1.6 billion on October 22, the highest level since December 2021. It is currently the second-largest protocol on the Solana ecosystem.

The surge in Raydium TVL comes at a time when Pump.Fun, a Solana-based token issuer, has increasingly gained traction. The platform’s ease of use and low barrier to entry, allowing users to create tokens for less than $2, have made it a popular choice for those looking to create their own tokens, especially memecoin creators. When a token launched on Pump.Fun reaches a market cap of $69,000, a portion of its liquidity is automatically added to Raydium.

Data from Dune Analytics shows that Pump.Fun is approaching 1 million SOL in lifetime fees while the number of tokens launched since its March debut has surpassed 2.5 million.

Pump.Fun also saw a spike in activity with 5,550 addresses issuing 7,500 tokens in just the last 24 hours. The peak was driven by a renewed interest in AI-themed memecoins, similar to the recent excitement surrounding the GOAT memecoin craze, which has captured attention in the crypto market due to its unique backstory and viral appeal.

While also available on the Base and Blast networks, Pump.Fun’s primary usage is on Solana, where it has generated $147 million in revenue since its inception. The platform has recently introduced an upgraded trading terminal called Pump Advance, which features enhanced functionalities for users, including mini-charts and social indicators. As an introductory offer, Pump Advance users can enjoy 0% fees for their first month.

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