Solana TVL reaches new peak since early 2022

Solana’s total value locked (TVL) has surged to $6.4 billion, marking its highest level since January 6, 2022, according to data from DeFiLlama.

In terms of daily decentralized exchange (DEX) volume, the blockchain has surpassed Ethereum and other major networks. Its DEX volume has exceeded $2 billion over the past 24 hours while Ethereum’s has reached over $1.4 billion.

The surge in TVL comes at a time when Pump.Fun, a Solana-based token issuer, has increasingly gained traction. Data from Dune Analytics shows that the platform is approaching 1 million SOL in lifetime fees while the number of tokens launched since its March debut has surpassed 2.5 million.

In addition, Pump.Fun has also seen a spike in activity with 5,550 addresses issuing 7,500 tokens in just the last 24 hours. The peak was driven by a renewed interest in AI-themed memecoins, similar to the recent excitement surrounding the GOAT memecoin craze, which has captured attention in the crypto market due to its unique backstory and viral appeal.

While also available on the Base and Blast networks, Pump.Fun’s primary usage is on Solana, where it has generated $147 million in revenue since its inception. The trend has led to increased trading volumes and user participation on the platform.

This article first appeared at Crypto Briefing