Perpetual futures DEXs gain traction as Solana meme volumes fade

Activity on the major chains is shifting, and Solana meme trenches are cooling down further. The volumes and speculation are now targeting all available perpetual futures DEX. Solana activity is shifting, as meme trenches are cooling down. After the Solana summer with peak Pump.fun activity and renewed content, the next hottest venue are perpetual futures DEXs. The newly emerged competitors to Hyperliquid can be found on all networks, inviting even smaller traders for high-risk trades. Solana is still the main venue for tokens and new launches, though the interest is now in trading, rather than discovering new hot memes. As Cryptopolitan reported earlier, interest in new perpetual DEX launches picked up following Aster’s launch with the help of Yzi Labs. Recent data shows active wallets on launchpads are under 100K, with fewer than 10K creator wallets. All platforms have also produced fewer than 100 graduated tokens. Solana meme graduations slow down On Pump.swap, most of the graduated tokens are also launching with a low market cap of under $10M, while previously a $100M valuation was easy for new meme projects. Trenches observers on social media noted last Monday was the worst day for meme launchpads for the past six months, surpassing even the slowdown in June and July. Solana activity slowed down, as fewer meme tokens graduated, and most only achieved relatively low valuations. | Source: Dune Analytics . Interest in new meme launches decreased after an initial spike on Pump.fun, as content creators brought new rug pulls and discouraged trenches. Additionally, content producers were busy with reward-farming, often cutting their streams and rug-pulling the tokens, as they would still be compensated by Pump.fun. Those factors pushed Solana traders to its available perpetual futures DEXs, especially Jupiter’s platform, as well as Drift Protocol. As a result, Pump.fun only produced $2.49M in daily fees, after a recent hike above $6M. Jupiter surpassed the meme launchpad with $2.59M in daily fees. Pump.fun has also slowed down its repurchases, though the team has reacquired 7.29% of the PUMP token supply. The PUMP native token slid to a weekly low around $0.0058, down from a monthly peak of $0.008. BNB Chain surpasses Solana’s chain fees Binance Smart Chain (BSC) benefitted from the shift to perpetual DEX tokens. The chain produced $1.15M in daily fees, the highest level since March. Solana produced $1.05M in daily fees, down by around 30% in the past week. Currently, BSC has a stronger upward trend for fee production, based on growing engagement with PancakeSwap. A return to DEX trading, DeFi and perpetual futures may cost Solana its leading spot. Currently, Jupiter and Drift Protocol aim to replace the meme space. Solana is well-supplied with USDC liquidity, but the success of perpetual futures DEX may depend on the behavior of whales, who are yet to pick the best platforms. Additionally, Hyperliquid still has the first-mover advantage, despite the short-term rush to Aster. Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.