Trump's coin issuance stirs up Solana DeFi landscape: Meteora's daily trading volume soars 8 times, Raydium's share falls to less than 30% in a short period of time

Author: Frank, PANews

With the market enthusiasm caused by the issuance of personal token TRUMP by US President Trump, the Solana ecosystem has become the biggest beneficiary. Not only has the DEX trading volume hit a record high for two consecutive days, but the on-chain transaction fees for a single day have also reached US$33.3 million, setting a historical record.

A closer look at the changes within the Solana ecosystem shows that Jupiter and Meteora are the most direct beneficiaries. Jupiter has long been the most active aggregator on Solana, so it is expected that it will take on this popularity. What is a little surprising is Meteora, which has been relatively low-key in this cycle, and its previous data volume has always ranked behind Raydium. In terms of growth rate, Meteora may be the biggest beneficiary of the TRUMP token craze. Is this bonus a flash in the pan or the beginning of change?

Undertaken the President's coin issuance, the transaction volume increased 8 times in a single day

Before January 18, Meteora's daily trading volume was about $500 million to $600 million per day, but on January 18, this figure surged to $3.99 billion, an increase of about 8 times in a single day. From January 19 to January 20, new highs were set again, with transaction volumes of $6.1 billion and $4.7 billion respectively.

Such data changes are also reflected in the number of active addresses, which also shows a significant increase. Generally speaking, the number of active addresses of Meteora has remained between 120,000 and 130,000, with no significant changes. On January 18, this number increased to 550,000, and on January 19 and 20, it was 700,000 and 640,000 respectively, with the largest increase reaching about 5.8 times.

Hitchhiking on Jupiter?

The main reason for these changes is obviously the trend of the Trump family issuing tokens. From the data, as of January 21, seven of the top ten most popular trading pairs on Meteora are related to Trump tokens, mainly around the two tokens TRUMP and MELANIA.

Of course, the above changes are all from the dividends brought by the Trump family's coin issuance. From an ecological perspective, what are the characteristics of Meteora that made it the Trump family choose it?

In fact, there is not much news about Meteora. The project was created in 2021 and is one of the earliest liquidity platforms on Solana. Meteora has two co-founders, Ben Chow and Meow, who are well-known to everyone. Both of them are also co-founders of Jupiter. It can be said that Meteora and Jupiter have the same origin. The earliest Meteora was called Mercurial Finance. In 2022, it issued the token MER, but due to the impact of the FTX incident, the team decided to rename the brand to Meteora, abandon MER and plan to reissue the new token MET. As of now, the new token MET has not yet been issued. According to previous announcements, the issuance time of MET may be in February 2025.

By comparing the data of Meteora and Jupiter, it can be found that Meteora's user scale and capital flow volume are not as good as Jupiter, but the dividends brought by the TRUMP token this time have indeed increased more. On January 18, Jupiter's daily trading volume surged directly to 16.8 billion US dollars, and on the 19th it set a new record of 20.6 billion US dollars. In the previous daily data scale, it generally maintained at around 6 billion US dollars. From this perspective, the issuance of the TRUMP token this time mainly focuses on Jupiter's user scale and liquidity. The joining of Meteora is more like a move to boost the expectations of Meteora's next coin issuance under the same team background.

Solana Ecosystem DeFi Landscape Quietly Changing

In addition to Meteora and Jupiter as the preferred partners for this issuance, other DEX products have also seen a significant increase in data as trading heat has increased. Raydium's trading volume has more than doubled since the 18th, with the highest daily trading volume reaching US$13.8 billion. However, the increase in active users is not large, increasing by about 30% from usual, up to about 4 million daily active users. In addition, several protocols such as lifinity, orca, and phoenix have also seen significant growth.

However, the biggest winner seems to be Meteora. According to Blockwork data, Meteora's share of MEME coin transactions on Solana is always less than 10%. Starting from January 18, this proportion rose to 60%. The main market share was eroded by Raydium, which previously had a market share of around 90%. After the issuance of TRUMP tokens, this proportion fell to less than 30%.

In fact, as the most popular transaction aggregator on Solana, Jupiter has previously launched APE pro, a MEME launch platform, to try to break the monopoly of Pump.fun, but the development of the platform obviously failed to meet expectations. As a product of the same ecosystem, Meteora has also launched similar functions, but it has also failed to make an impact on social media.

In addition, PANews has tried to use this feature many times, but the feedback always shows that the server has crashed.

It can be seen that as Solana's position in the MEME track is unshakable, the competition in the Solana ecosystem has become increasingly fierce. The Trump family's coin issuance is a historic opportunity for Jupiter and Meteora. According to Jupiter and Meteora, the TRUMP token issuance is the largest release in the cryptocurrency field.

Judging from the results, the opportunity seized by Jupiter and Meteora has indeed brought about huge changes. And from the reason, compared with the combination of Pump.fun and Raydium, Jupiter and Meteora seem to be more in line with the needs of the president's coin issuance from the perspective of compliance or branding.

It is just unknown whether Trump's coin issuance will really lead to more politicians or celebrities following suit as expected by the outside world. If a new trend can be formed, then the combination of Jupiter and Meteora seems to have more opportunities to completely take market share away from Pump.fun and Raydium through this planned coin issuance.

After all, at present, it seems that it is difficult for MEME coins issued by individuals to become golden dogs, including the recently popular AI Agent tokens, which are backed by professional teams and organizations. Judging from Meteora's performance, Pump.fun's advantages seem to be weakening. (Related reading: Estimated Pump.fun account receipts: The official income for issuing one coin is $68, and 70% of the user's profit may be paid as a handling fee. )