Odaily News Meme tokens have been the core narrative of this bull run and are the best performing cryptocurrency sector this year (measured by total market capitalization growth), Coinbase analysts noted in a report released this week. Most of the activity has occurred on Solana, mainly around the growing popularity of pump.fun as the main Memecoin launch platform. To date, more than 3 million tokens have been issued on pump.fun. The dominance of transaction-related activities on Solana is reflected in its contribution to network transaction fees, accounting for more than 82% of all non-voting fees paid on the network. In addition to pure network fees, Solana's token issuance and transaction process also capture high value. If the Solana on-chain transaction ecosystem is regarded as an "independent financial category", it is currently ranked third in profitability, second only to stablecoins and Layer 1 network fees. The report states: "Solana's trading-related activities typically account for 75-90% of on-chain transaction fees, which is much higher than other networks such as Ethereum, Base and Arbitrum. Although L2 solutions have also shown growth and innovation, they generally face different scalability challenges and user fragmentation issues compared to Solana. Solana's fee dynamics and user activity patterns are still unique." In addition, the scale of revenue generated by Telegram trading robots even exceeds that of pump.fun. Photon, Bonkbot, Trojan and SolTradingBot focus only on the Solana ecosystem, while multi-chain robots such as Maestro and Bananagun also made most of their revenue from Solana-based fees in the past week. The report believes that this shows that a large number of traders on Solana are not very sensitive to execution fees, which may be due to the higher volatility of the underlying assets (and lower liquidity). This fee insensitivity is reflected in the fee-to-volume ratio paid at the pool level of the automated market maker (AMM). In the past week, Uniswap's trading volume on all chains was $14.2 billion, and users paid a total of $11.3 million in fees at an average rate of 0.08%. At the same time, the trading volume of Raydium, the main DEX in the Solana ecosystem, was $8.5 billion (40% less than Uniswap), but the fees collected were $18.9 million (67% more than Uniswap), with an average rate of 0.22%. In other words, in the past week, the fees paid by users on the Raydium pool were nearly 3 times higher than those paid on the Uniswap pool on average.