Solana is smashing new records. And it might just be the beginning of what’s to come.
What’s happening:
- Solana has set a new all time record for fee generation, earning $33M USD in a single day from transaction fees
By the numbers:
- Solana’s decentralized exchanges have also been experiencing record breaking volumes, experiencing more than $89B USD in total trades in the last week
- So far this month there has already been $158B USD in total volume traded on Solana’s decentralized exchanges, which shatters the previous record for decentralized exchange volumes held by Binance’s blockchain
Why it matters:
- The ultra low transaction fees of Solana have made it the blockchain of choice for many of the most important projects being launched in crypto, including the highly notable launch of Donald Trump’s meme coin which has been a large catalyst for the recent enormous spike in trading volume on Solana
Going deeper:
- The massive success of Solana’s scalability as a blockchain has been fuelling a demand for Solana exposure in the traditional public markets as well, which has caused large asset management companies to apply to list Solana ETFs in the United States and publicly traded companies such as SOL Global (CSE: SOL) to rapidly accumulate Solana to hold directly as an asset
The intrigue:
- Phantom recently raised a new mega round of venture capital funding to accelerate the growth of their crypto wallet, which was originally built with a sole focus on the Solana ecosystem prior to launching support for both Bitcoin and Ethereum
