Solana's on-chain trading ecosystem is proving to be highly profitable, ranking as the third most profitable financial category in crypto after stablecoins and layer 1s. Solana's unique architecture and fee dynamics have contributed to its success, with trading-linked activity accounting for 75-90% of transaction fees on the network. Solana-based protocols and trading bots, fueled by memecoin trading activity, have generated significant revenue, with trading bot platform Photon and memecoin protocol pump.fun generating over $6 million in the last seven days. The convenience and distinct ecosystem of trading on Solana DEXs have attracted traders, leading to relatively decoupled trading activity from centralized exchanges. Solana's fee spending also tends to peak during U.S. West Coast hours, indicating a distinct cohort of active users in that region.
- Content Editor ( coindesk.com )
- 2024-11-09
The Unique Way the Solana Trading Ecosystem Is Making Bank