- Solana network reaches 100,000 TPS milestone in stress testing.
- Pump.fun saw $800M lifetime revenue and regained 90% launchpad dominance.
- Base overtakes Solana in daily meme coin launches with 58,000 tokens.
Solana recently reached a key milestone, reaching 100,000 transactions per second (TPS), according to CoinMarketCap. The result, achieved during stress testing, asserts Solana’s claim as one of the fastest in the industry.
Despite this impressive technical feat, key on-chain metrics for the ecosystem showed a decline. Solana’s ecosystem market capitalization fell 6.35% to $247.52 billion, and its 24-hour trading volume dropped 13.83% to $20.59 billion.
Pump.fun Regains Market Leadership
Interestingly, Pump.fun’s recovery highlights the week for Solana’s ecosystem. The network’s leading meme coin launchpad, after facing brief competition from LetsBonk, reclaimed 90% of launchpad activity, restoring its dominance.
Data shows Pump.fun has generated more than $800 million in lifetime revenue since its launch, largely from its 1% swap fee on transactions.
Currently, the platform earns more than $1 million daily, a rebound after revenue dropped earlier this year from $7 million per day during January’s meme coin boom to roughly $200,000. Despite these metrics, Pump.fun’s token is trading at $0.00296, which is a 22% decline in the past week.
Aside from the launchpad’s growth, the platform also made headlines last month when it raised $600 million in just 12 minutes during an initial coin offering (ICO). To support its newly issued token, Pump.fun has since launched a buyback program at a premium to market prices.
Notably, a meme coin launchpad backed by the Bonk community, LetsBonk, briefly overtook Pump.fun in the number of “graduated” tokens last month. However, the platform couldn’t sustain the momentum. The daily revenue declined from about $1 million earlier this month to below $30,000.
Base Overtakes Solana in Meme Coin Activity
Interestingly, while Pump.fun’s recovery boosted Solana’s meme coin ecosystem, the sector is seeing new competition. Coinbase’s Base has overtaken Solana as the top network for meme coin launches.
On Monday, Base recorded 57,970 new tokens, compared to 32,760 on Solana. The surge has been bolstered by Base’s integration with Zora, a decentralized social platform that allows posts to be minted as ERC-20 tokens, combining token trading with social media engagement.
Beyond meme coins, Solana’s ecosystem continues to expand. Wyoming announced the launch of its FRNT stablecoin on Solana and six other blockchains, though public access is still pending.
Related: Pump.fun Launches “Glass Full Foundation” to Fund Its Top Memecoins, Sparks Rally
Meanwhile, Marinade Finance, a Solana-based staking platform, approved a $5 million annual buyback program, signaling continued development in the decentralized finance sector.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
