Meteora Surpasses USDC Issuer Circle in Daily Fees

Solana-based decentralized exchange (DEX) Meteora had its best day in months on May 13, driven by the success of the Believe token launchpad.

Meteora is the second highest fee generator across DeFi over the last 24 hours, bringing in $7.6 million in fees, ahead of stablecoin issuer Circle, which earned $6.4 million over the same period. Meteora only trails USDT issuer Tether, which generated a massive $19 million.

In addition to fee generation, Meteora recorded its highest single-day volume since February 4, when the Enron memecoin scam, assisted by Kelsier Ventures, launched on Meteora to generate extra revenue through swap fees.

The hike in usage is due to the runaway success of Believe, a new token launchpad on Solana focused on “Internet Capital Markets,” which are akin to tokenized tech startups.

Believe tokens graduate to Meteora liquidity pools, making the DEX the default destination for new hot tokens coming off the launchpad. Over the last 24 hours alone, Believe tokens have traded over $400 million in total volume, all on Meteora.

Despite the spike in activity, however, Meteora still only posted the fourth-highest volume among DEXs yesterday, trailing Raydium, Pancakeswap, and Uniswap.