Solana Exchange Balance Reaches $175 Million, Fomo Takes Half

The user balance on the Solana (SOL) network-based on-chain trading platform has surpassed $175 million, marking the highest level since September of last year. More than half of this amount, $100 million, is concentrated on the meme coin trading platform Fomo. According to the on-chain data platform SolanaFloor, Fomo's balance is greater than the combined balance of all other Solana trading platforms. User balance refers to the funds deposited by traders on the platform, and the increase in this figure indicates that funds are continuing to remain on the platform. On the same day, Fomo also ranked first in 24-hour protocol revenue on the Solana chain, leading in both balance and revenue metrics. The revenue of meme coin trading platforms primarily comes from token issuance fees and transaction fees, and as trading volume and new token issuance increase, so does revenue. Platforms that support meme coin issuance and trading are competing on the Solana chain, with Fomo gaining an advantage in both balance and revenue, widening the gap with the existing strong player PumpFun. On the 22nd of last month, the trading volume of meme coins on the Solana chain exceeded $310 million, accounting for 51.2% of the total chain transactions.

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