Kanye’s YZY Token Drives Meteora to $1.183B Trading Volume, Beating Raydium on Solana

Tether and Circle led stablecoin issuers with over $28M in combined daily fees.

Meteora recorded $1.183B in volume, overtaking Raydium as Solana’s top exchange.

Ethena, Uniswap, and Hyperliquid showed strong derivatives and DEX activity, while Aave and Lido maintained steady lending and staking fees.

According to DeFiLlama data, the decentralized finance market recorded more than $72 million in platform fees within 24 hours. Stablecoin issuers, decentralized exchanges, lending services, and liquid staking protocols contributed to the total, with a notable surge from Solana-based exchange Meteora. As Meteora ranked, the distribution of fees showed a concentration in stablecoin-related activity and decentralized trading services, reflecting diverse participation across the sector.

Stablecoin Issuers Dominate Fee Collection

Confirmed a post by Wu Blockchain, Tether remained the largest fee generator, recording $21.3 million within a single day. Heavy usage across trading markets supported its lead, placing the stablecoin issuer at the top of the chart. Circle followed later with $7.06 million, driven by continued demand for USD Coin transactions across digital asset settlements

Source: X

Together, Tether and Circle produced more than $28 million, accounting for a significant share of the total. Meteora secured the second position with $16.09 million in collected fees, surpassing most decentralized exchanges

Its growth was fueled by $1.183 billion in trading volume, making it the largest Solana exchange by volume. Boosted by transactions connected to Kanye’s YZY token, the platform overtook Raydium in network activity. The shift marked an important moment for Solana’s decentralized exchange ecosystem, as volume concentrated on a single protocol.

Trading and Lending Protocols Maintain Activity

Ethena ranked third on the list, generating $12.49 million through basis trading services. The platform showed sustained usage within derivatives and structured financial products. Uniswap, operating across 35 chains, recorded $6.29 million in fees, securing the fifth position. Meanwhile, Hyperliquid produced $3.31 million, reflecting steady participation in decentralized derivatives trading.

Aave followed in seventh place with $2.99 million, serving activity across 16 supported chains. Its lending and borrowing model contributed to consistent revenue from daily usage. Lido closed the top eight, collecting $2.94 million in fees through liquid staking on Ethereum and associated assets.

Market Concentration Across Categories

The distribution of fees underscored the role of both stablecoins and decentralized trading services in daily market activity. Stablecoin issuers combined for more than $28 million, while decentralized exchanges including Meteora, Uniswap, and Hyperliquid collected over $25 million. Lending and staking protocols maintained smaller but steady contributions, supporting overall DeFi participation.

Across categories, daily fees demonstrated how multiple services within decentralized finance contributed to the $72 million total. From stablecoin issuers to lending and staking operations, activity showed balanced engagement across different protocols. The rankings highlighted both established players and new entrants driving significant volume in the sector.