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Solana activity has remained elevated for the past four weeks. In the previous week, the network carried a record 1.3B of non-voting transactions, showing a revival linked to meme token activity.
Solana transaction activity picked up in August, reaching a series of records. Weekly non-voting transactions regularly moved above the 1B milestone.
The increased Solana activity is based on around 2.6M daily active users, who are nevertheless performing a larger number of transactions. As a result, Solana also achieved a multi-year high for its daily burn rate, up to 1.53% as of August 23. For Solana, this is the highest burn rate since the start of 2025.
Solana burn increased to the highest level since early 2025, based on growing app engagement and increased priority fees. | Source: BlockworksThe main sources of transaction activity for Solana are the most widely used apps. The chain achieves over $10M in daily app-based fees, with over $250M in monthly app revenues. Recent transaction growth shows Solana quickly reacts to improved crypto sentiment, as well as renewed attempts to revive meme token launches.
Increased Solana activity also made the network more competitive. Network bribes and fees to achieve faster transactions are back above $1M daily, close to the highest level for the past six months. Most of the increased revenues go toward priority fees.
Solana activity reflects increased FOMO app usage
One of the major factors for increased Solana activity is the FOMO app, another venue for meme token launches. The app offers another wave of mainstream adoption and meme token activity.
Despite the overall losses for most meme token traders, the app still offers chances for short-term gains and boosts one of the main use cases for Solana.
The FOMO app gains its popularity from the ability to copy-trade influencers, which is also creating new meme token runners. The app is now looking for the first trading influencer with over 1M followers.
In addition to FOMO, Pump.fun has also increased its revenues. The meme token platform and DEX once again passed Hyperliquid in terms of daily fees. The Pump.fun DEX now logs over $4.9M in daily fees, becoming the leading on-chain app with the exception of stablecoins USDT and USDC.
At the same time, meme token trading has changed fundamentally, with a more aggressive P2P mode, instead of building communities of holders.
Solana prepares for disinflation, constitution changes
In addition to non-voting transactions, Solana prepares for several big changes at the protocol level. The Solana constitution will formalize governance rules to give individual users more rights and avoid governance attacks by overly-influential actors.
The Solana constitution will establish a way for users to vote independently of their validators. Most decisions will be accepted through a super-majority, to avoid the influence of small fractions. Proposals will also go through a detailed five-step process to ensure the community is involved and understands the changes.
The next big decision being voted on until Thursday, August 27 will be the cutting of SOL emissions over the coming six years.
The third proposal is a Resource and Inclusion fee, which can potentially increase the SOL burn. The faster disinflation and increased burn may boost the overall position of SOL. As of August 24, SOL traded around $96.19, the highest level since May.
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