Meteora Becomes Top Solana DEX with $1.18B Volume
Meteora overtakes Raydium as top Solana DEX, driven by Kanye’s YZY token and $1.18B in trading volume.
- Meteora hits $1.18B in daily trading volume.
- Kanye’s YZY token fuels the surge.
- Meteora collects $16M in fees, second only to Tether.
Meteora, a decentralized exchange (DEX) built on Solana, has officially become the leading DEX on the network by trading volume, according to data from DeFiLlama. The platform recorded a staggering $1.183 billion in trading volume over the past 24 hours — surpassing Raydium, which has long held the top position.
What triggered this sudden spike? It appears to be Kanye West’s newly launched YZY token, which has captured massive attention across crypto communities. The hype around YZY significantly boosted activity on Meteora, making it the preferred trading venue for this trending asset.
The explosive trading action not only propelled Meteora to the top of Solana’s DEX leaderboard but also brought a sharp increase in fees collected.
$16 Million in Fees—Second Only to Tether
In the same 24-hour window, Meteora generated $16.09 million in fees, making it the second-largest fee earner across all blockchains, right behind Tether. This milestone is significant as it highlights the growing importance of Solana-based DeFi platforms in the broader ecosystem.
The fee earnings also indicate strong liquidity and high-frequency trading, which are essential indicators of a DEX’s health and sustainability. With this recent performance, Meteora has not only gained temporary attention but may also be cementing its place as a long-term competitor in the decentralized trading space.
What This Means for Solana DeFi
Meteora’s rise signals a dynamic shift in Solana’s DeFi landscape. While Raydium has been a consistent leader, this latest development suggests that the Solana ecosystem is maturing, with new platforms capable of attracting massive volumes and users.
Moreover, celebrity-driven tokens like YZY are proving to be powerful catalysts for DEX activity, though their sustainability remains to be seen. For now, Meteora is enjoying the spotlight, and its recent performance could bring more builders and users to Solana DeFi.
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