Solana has maintained elevated network activity for the past four weeks, recording a record 1.3 billion non-voting transactions in the previous week. This revival is closely linked to meme token activity and increased application engagement.
Transaction activity began picking up in August, with weekly non-voting transactions regularly exceeding the 1 billion milestone. This heightened usage is driven by approximately 2.6 million daily active users performing a higher volume of transactions. Consequently, Solana achieved a multi-year high for its daily burn rate, reaching 1.53% as of August 23—the highest level recorded since the start of 2025.
The network's transaction growth is supported by widely used applications, generating over $10 million in daily app-based fees and more than $250 million in monthly app revenues. This growth highlights Solana's responsiveness to improving crypto sentiment and renewed attempts to revive meme token launches.
Network bribes and fees required for faster transactions have also returned to over $1 million daily, which is near the highest level seen over the past six months, with the majority of increased revenues directed toward priority fees.
Apps and Meme Token Trends
A major contributor to the activity is the FOMO app, a venue for meme token launches that allows users to copy-trade influencers. The platform is currently seeking a trading influencer with over 1 million followers.
In addition to the FOMO app, Pump.fun has increased its revenues, surpassing Hyperliquid in daily fees. The Pump.fun decentralized exchange logs over $4.9 million in daily fees, making it the leading on-chain application outside of stablecoins USDT and USDC. Meme token trading has shifted toward a more aggressive peer-to-peer mode rather than focusing on building communities of holders.
Protocol-Level Changes and Governance
At the protocol level, Solana is preparing for several major updates. A proposed Solana constitution will formalize governance rules to grant individual users more rights and protect against governance attacks by influential actors. The framework establishes a mechanism for users to vote independently of validators, utilizing a super-majority for most decisions and a five-step proposal process.
A notable decision up for vote until Thursday, August 27, involves cutting SOL emissions over the next six years. A third proposal introduces a Resource and Inclusion fee, which could potentially increase the SOL burn rate. As of August 24, SOL traded around $96.19, marking its highest level since May.
