PANews reported on November 10 that David Duong and David Han, Coinbase's head of institutional research and institutional research analysts, pointed out in a report released this week that if the Solana on-chain transaction ecosystem is regarded as an "independent financial category", it is currently ranked third in profitability, second only to stablecoins and Layer 1. David Duong pointed out: "Solana's transaction-related activities typically account for 75-90% of on-chain transaction fees, which is much higher than other networks such as Ethereum, Base and Arbitrum. Although second-layer solutions also show growth and innovation, they usually face different scalability challenges and user fragmentation issues compared to Solana. Solana's fee dynamics and user activity patterns are still unique."
The analysis also noted that Meme tokens have been the core narrative of this bull run and are the best performing cryptocurrency sector this year (measured by total market capitalization growth). Most of the activity has occurred on Solana, mainly around the growing popularity of pump.fun as the main Memecoin launch platform. To date, more than 3 million tokens have been issued on pump.fun, and the dominance of trading-related activity on Solana is reflected in its contribution to network transaction fees, accounting for more than 82% of all non-voting fees paid on the network.
