Over the last several months, Solana has experienced a surge in on-chain volume complemented by a spike in daily active addresses, which recently crossed 2 million (based on a 7-day moving average), according to The Block’s data dashboard.

This resulted in a substantial influx of users into the ecosystem led by dapps such as Raydium, Pump.Fun, and Jito, which have also been the top fee generators on the network.

Of these dapps, Raydium has emerged as the leading fee generator from users on Solana. The decentralized exchange (DEX) recorded $30 billion in trading volume in July, making it the second-largest in terms of DEX volume after Uniswap. Meanwhile, Raydium generated fees of over $65 million in July, compared to $33 million in June, according to DeFiLlama data.

Raydium wasn’t the …