Total fees generated Solana brush
+3.80%
In this case, we are looking at the fees generated on the SOL side to maintain consistency regardless of the price fluctuations of the SOL itself.
On August 31, the Solana network generated about 3,800 SOL in daily fees. This figure has recovered slightly, but as of September 6, the daily fees remain largely flat at about 4,000 SOL.
This is a significant difference from the period throughout Q2 when the network easily averaged over 10,000 SOL per day in fees.
Jito validator tips also hit a six-month low this week, with just 2,610 SOL on Friday. The last time this figure was this low was in late February 2024.
It is interesting to note that the average daily fee pattern generated by Solana closely follows the popularity and presence of Pump.fun. This figure has returned to the March level before Pump.fun’s popularity rose.
The decrease in fees generated coincides with the decline in Pump.fun’s popularity, indicating a direct correlation between the two. This is further evidenced by the fact that Pump.fun’s revenue has fallen off a cliff in recent weeks.
On September 6, Pump.fun earned only $409,000 in commissions. Compared to its all-time high on July 30, when it earned $2.31 million in a single day, Pump.fun’s Friday earnings were down 82%. Since the end of July, the price of SOL has also fallen by about 35% at the time of writing.
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