Meteora Becomes First DEX to Record $50M in 24HR Fees

Solana’s DEX wars are heating up. Courtesy of the viral $TRUMP and $MELANIA memecoin launches, Meteora has exploded into dominance, briefly flipping kingpin Raydium in 24-hour fee generation and volume.

Meteora’s reawakened DeFi prominence has fuelled user optimism, Members of Meteora’s devout LP Army community are suggesting that the platform has reinvented large-scale decentralized launches, paving the way for future retail tokens.

Can Meteora maintain its newfound position atop Solana’s DeFi rankings?

Meteora Flips Raydium as Volume and Fees Soar

Meteora, a decentralized exchange best known for pioneering the DLMM (Dynamic Liquidity Market Maker) model, has rocketed to the top of Solana DeFi. Chosen by U.S. President Donald Trump’s crypto team, Meteora facilitated the liquidity management of the biggest onchain token launch in history.

Meteora witnessed unprecedented volumes during the $TRUMP launch, becoming the first DEX in history to generate over $50M in 24-hour fees. 

Beyond record-breaking fee generation, Meteora also flipped rival Raydium in daily trading volume. Based on DefiLlama data, Meteora handled over $7.5B in volume on January 21, commanding 33.72% market share and ending Raydium’s long-standing dominance.

Relishing the platform’s success, co-founder Ben Chow expressed optimism toward the future of onchain token launches. Chow, among other ecosystem thought-leaders, asserts that between Jupiter, Meteora, and Moonshot, projects and teams have all they need to facilitate large-scale launches.

Meteora Memecoin Retraces $TRUMP Pump

With the Meteora DEX exploding in volume and mindshare, traders eagerly poured funds into its memecoin. 

$M3M3 surged over 130% in a matter of hours following the $TRUMP launch, with speculators believing increased Meteora adoption would result in capital inflows to the novel token launcher.

The $M3M3 pump was further exacerbated by speculation that $M3M3 stakers might be eligible to receive a $TRUMP token airdrop. An 𝕏 post from the official M3M3 account hinted that Trump might have aligned with the platform, hinting at possible rewards.

$MEME has since failed to find support following its surge to $0.15, and has retraced to currently exchange hands at $0.08, based on DexScreener data.

Solana Witnesses Over 70,000 Daily Token Launches

While $TRUMP and $MELANIA mania are slowly cooling off, tens of thousands of hopeful token deployers are desperately trying to attract liquidity flows. 

According to Solscan, daily token launches surpassed 74,486 on January 20, with pump.fun hosting 61,814 deploy transactions, representing 82.98% of all new SPL tokens.

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