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Cryptocurrency News Articles

Top 10 Solana Protocols by Fees in 2022: Raydium Leads the Pack

Jan 03, 2025 at 04:32 pm

With the year coming to a close, we have decided to evaluate the top ten Solana protocols for this year, through a metric that we believe is more

Top 10 Solana Protocols by Fees in 2022: Raydium Leads the Pack

Solana protocols have seen record-breaking revenue in 2023, with the top ten protocols generating over $2.5 billion in fees. This figure is a testament to the growing demand for Solana's fast and low-cost blockchain.

Raydium, a decentralized exchange on Solana, has led the pack with an astonishing $648 million in fees. The exchange has been at the forefront of the memecoin craze, which has seen several new tokens launch on Solana and generate billions in trading volume.

Jito, a Solana client used by many validators, has also had a stellar year, generating $633 million in fees from its 5% cut of the MEV “tips” paid by users to transact on Solana.

Another protocol that has benefited from the memecoin mania is Pump.fun, a memecoin launchpad that has generated $308 million in fees in less than a year of operation.

Photon, a trading platform on Solana known for its speed and convenience, has also seen significant demand, generating $248 million in fees. The platform's “quick buy” function and high-speed data delivery have made it a favorite among traders.

Infrastructure company bloXroute has generated $121 million in fees from its blockchain distribution network and trader APIs, which are used by traders to expedite Solana transactions.

Rounding off the top ten list are BullX and Kamino, two DeFi protocols that have also seen strong demand this year. BullX is another memecoin trading platform, while Kamino is a lending and borrowing protocol similar to Aave on Solana.

These figures highlight the diverse range of protocols that are thriving on Solana and the impact of memecoins and user convenience in shaping protocol success. As the year comes to a close, we can expect to see these protocols continue to evolve and adapt to the changing needs of the crypto community.

Disclaimer:info@kdj.com

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