Meteora反超Pump.fun：Solana DEX收入格局生变

According to the latest news, Meteora’s protocol revenue in the past 24 hours reached $13.3 million, surpassing Pump.fun’s $11.6 million for the first time and rising to become the highest-earning DEX platform in the Solana ecosystem. This change not only marks a shift in the competitive landscape of the two major platforms but also reflects profound changes in the on-chain trading ecosystem of Solana.

Behind the Revenue Rankings

Specific Data Comparison

According to Defillama data, the protocol revenue rankings over the past 24 hours are as follows:

Meteora’s surpassing of Pump.fun is highly significant. Pump.fun, as the most well-known token launch platform on Solana, has long maintained a top position in revenue rankings. Meteora’s ability to overtake indicates that its value as a DEX platform is being re-evaluated by the market.

Differences Between the Two Platforms

Pump.fun mainly focuses on launching new tokens, attracting retail investors through bonding curve models. Meanwhile, Meteora is a mature DEX platform offering comprehensive features such as liquidity provision and trading pairs. The difference in revenue sources reflects the distinct roles these two platforms play within the ecosystem.

Fundamentals Supporting Meteora

Growth Momentum of Protocol Revenue

According to relevant information, Meteora performed excellently in 2025, as the highest-fee DeFi protocol on Solana, with total fees reaching $1.25 billion for the year. More importantly, the annualized income of the MET token is about $150 million, comparable to its current market cap, which is a rare “income-to-market value” phenomenon in crypto projects.

This indicates that Meteora’s revenue growth is not a flash in the pan but is based on sustained increases in platform transaction volume and user demand.

Factors Supporting Token Value

The MET token has recently received multiple positive supports:

• A $10 million buyback plan has been launched, directly using protocol revenue to support the token’s value
• January 23rd is the deadline for claiming the MET airdrop, which will release tokens representing 39% of the total supply
• The platform has migrated from the BAGS ecosystem to a dynamic liquidity pool (Dyn2), improving capital efficiency

These measures demonstrate that Meteora is actively managing its token economics rather than passively reacting to market conditions.

Deeper Implications for the Market Landscape

Meteora’s revenue surpassing Pump.fun reflects a shift in the Solana ecosystem from “token issuance frenzy” to “trading ecosystem.” By early 2026, increased on-chain activity and higher DEX trading volumes have become mainstream, creating ample development space for infrastructure platforms like Meteora.

Related information shows that multiple projects such as ZORA and STRK within the Solana ecosystem have chosen to allocate liquidity on Meteora, further strengthening its position as a “trading hub.”

Summary

Meteora surpassing Pump.fun in revenue rankings signifies the maturity of trading infrastructure within the Solana ecosystem. This not only demonstrates the actual value of the Meteora platform but also reflects a market shift from speculative token issuance to sustained trading activity. Strong protocol revenue, clear buyback plans, and upcoming airdrop events provide multiple supports for the MET token. Moving forward, it will be important to observe whether this revenue growth momentum can be maintained after the airdrop release and whether Meteora’s core position in Solana’s “all-in-one exchange” vision can be further consolidated.