Author: ChainCatcher, Tesa

In 2024, Memecoin has become the biggest hot spot in the Crypto world. The market value of Memecoin has soared rapidly from US$20 billion in 2023 to over US$100 billion in 2024. Memecoin has not only consolidated its position in the encryption market, but its performance has far exceeded the Benchmark index of mainstream cryptocurrencies such as Bitcoin and Ethereum. Become the most dazzling asset class this year.

In this trading craze, a large number of "krypton gold" players have emerged. They paid huge fees in Memecoin transactions, which directly promoted the prosperity and development of public chains such as Solana, and also made Memecoin infrastructure platforms such as Raydium, Jito, and Pump.fun make a lot of money.

Recently, ChainCatcher, together with Memecoin intelligent trading platform Tesa and Memecoin project Evan the Hobo, jointly released the "2024 Memecoin Annual Consumption Report". This report deeply analyzes the consumption data of Memecoin players with transaction amounts exceeding US$1,000 among the approximately 4 million user addresses on the Solana chain in 2024. Starting from the distribution of handling fees, it comprehensively presents the consumption behavior of Memecoin users and the performance of each platform this year. Benefit situation.

Quick overview of core data

1. Total Solana chain Memecoin transaction fees: over 3.093 billion US dollars.

2. Income of major core platforms:

Raydium and other DEXs: earned US$1.7 billion in handling fees, accounting for 56%.

Transaction BOT: The cumulative handling fee is US$750 million, accounting for 24%, of which Photon leads with a 33% share.

MEV Infrastructure Jito: Earned US$340 million, accounting for 11%.

Pump.fun: Earned $240 million, accounting for 8%.

3. User concentration: The top 10% of users contribute 90% of the handling fees, and the average consumption of whale users is as high as 13,000 US dollars.

4. Head user: The largest “Krypton gold player” on Raydium spends nearly 130 million US dollars a year.

The total scale of Memecoin handling fees and consumption distribution 1. The total handling fee amount exceeds US$3 billion

As the most popular Memecoin public chain in 2024, Solana’s on-chain handling fee data has almost become the consumption situation of the entire Memecoin market the epitome of. By counting approximately 4 million Solana user addresses with transaction amounts exceeding US$1,000 in 2024, it was found that on the Solana chain alone, the total handling fees generated by Memecoin transactions were as high as US$3.093 billion, demonstrating Solana’s role in MeDominant position in mecoin trading.

2. DEX Raydium and other DEXs are the biggest beneficiaries, earning more than 1.7 billion US dollars in handling fees

The more than 3 billion US dollars in handling fees contributed by Memecoin users mainly flow to four major platforms: Decentralized Exchange (DEX) Raydium etc., trading BOT (such as Photon), MEV infrastructure Jito, and one-click currency issuance platform Pump.fun.

Among them, Raydium and other DEXs rank first with over US$1.7 billion in fee income, accounting for 56% of the total. Among them, Raydium’s fee income accounts for 80% of all Dexes. Transaction BOT ranked second with US$750 million, accounting for 24%.

Jito, which provides priority transaction (anti-pinch) services, earned US$340 million with its exclusive capabilities, accounting for 11%. By simplifying the currency issuance process, Pump.fun gained US$240 million, accounting for 8%.

3. Photon is the most popular trading BOT, with handling fees accounting for over 33%

Among various trading BOTs, Photon has the most outstanding performance, earning a total of handling fees in 2024 The fee is US$250 million, accounting for 33.3% of the total handling fees of all BOT transactions. Followed by Trojan and Bullx, which received US$123 million and over US$9,400 in fees respectively, accounting for 16.2% and 12.4%.

In addition, the income of other BOTs is also considerable: PepeBoost earned US$65.1 million, accounting for 8.6%; BonkBot earned US$63.17 million, accounting for 8.3%; GMGM and BananaGun each earned US$23.76 million and US$20.53 million, accounting for 3.1% and 2.70%.

4. Whale users will spend an average of US$13,000 in handling fees in Memecoin transactions in 2024

In 2024, the average handling fees spent by Memecoin players on major platforms will show significant differences:

Raydium: $445.45/user

Transaction BOT: 1 $93.89/user

Jito: $87.07/user

Pump.fun: $63.13/user

Based on the fee amount , divides users into three categories:

Whale users (the top 5% with the highest fees): the average annual expenditure per capita is as high as 13,000 US dollars.

Ordinary users (handling fees are in the 20%-30% range): per capita expenditure is US$171.28.

Novice users (25% with the lowest fees): per capita expenditure is only US$17.67.

In terms of platform preferences, Raydium and trading BOT have become the most important places for whale users and ordinary users to spend fees, while novice users are more inclined toChoose to trade BOT and Pump.fun.

5. The largest “Krypton gold player” on a single platform spent US$129 million in handling fees

In 2024, a real “Krypton gold player” was born in the Memecoin market. Among them, the user address MfDuWeq on platforms such as Raydium has paid handling fees of up to 129 million US dollars in one year, far ahead of other platforms.

In comparison, the maximum fee expenditures on other platforms are relatively "moderate":

Transaction BOT: US$1.43 million

Jito: US$6.1399 million

Pump.fun: $2.3992 million

This significant difference further highlights Raydium’s dominant position in the Memecoin trading market.

2. Memecoin user consumption concentration and cross-platform characteristics 1. The top 10% of users by consumption amount contribute more than 90% of the handling fees

The consumption behavior of Memecoin users shows obvious "two "Eight Rules": A few top users contribute most of the handling fees. The specific data are as follows:

The top 1% of users contributed 67.46% of the handling fees, and the per capita handling fee amount reached US$53,000;

The top 10% of users contributed 90.97% , the per capita handling fee amount is approximately US$7,182;

The top 20% of users contributed 95.24%. The per capita handling fee is approximately US$3,760.

This highly concentrated consumption pattern shows that the Memecoin market’s fee income mainly relies on a small number of high-spending users, while most ordinary users account for a low proportion of fee expenditure.

2. Raydium has the highest consumption concentration, while Pump.fun has the lowest concentration

Among the four Memecoin platforms: Raydium, Trading BOT, Jito and Pump.fun, Raydium has the highest consumption concentration. Highest. Data shows that the top 1% of users contributed US$1.358 billion in handling fees, accounting for 79.88% of the total handling fees of US$1.7 billion, and the per capita handling fees reached US$34,700; while the per capita handling fees of users ranked between 2-20% It is already less than US$800, and the per capita handling fee of long-tail users ranking after 20% is less than US$100. This also reflects Raydium's high reliance on head users.

In contrast, the top 1% of users in Jito’s handling fees contributed $186 million in handling fees, accounting for 54.55%. Although the concentration is lower than that of Raydium, But still more than half. There is also a big difference in the per capita handling fee between Jito's top users and long-tail users. The top 1% of users are about 4,759 US dollars, while the users ranked 2%-10% drop to 300 US dollars, and the long-tail users ranked after 10% The per capita handling fee is less than $50.

The top consumption concentration of Trading BOT and Pump.fun is relatively low:

Trading BOT: The top 1% of users contributed US$313 million, accounting for 4.124 %.

Pump.fun: The top 1% of users contributed $96.62 million, accounting for 39.07%.

This difference shows that there are significant differences in the user structure and profit model of different platforms.

From the perspective of per capita handling fees, there is also a big difference between the top users and long-tail users on Trading BOT and Pump.fun. The per capita handling fee for the top 1% of users on Trading BOT reached US$7,990, while The 2%-10% of users have less than $1,000, and the 20% of users have less than $60.

The per capita handling fee of the top 1% of Pump.fun users has reached US$2,467, that of users ranked between 2% and 10% is less than US$300, and that of users ranked below 20% is less than US$50. .

3. Raydium has the highest usage rate, with more than half of users relying on trading BOT

In the Solana DEX ecosystem, although Raydium’s transaction fee is higher (0.25%) and Meteora’s is lower ( 0.16%), Raydium still attracts the vast majority of users with its strong market advantages. Statistics show:

Of the approximately 4 million Solana addresses, approximately 89.27% ​​(3.4968 million addresses) users have used Raydium.

In comparison, the total usage of Meteora and other DEXs is only 35.53% (1.3917 million addresses).

This phenomenon shows that when Memecoin users choose a trading platform, they do not simply use the rate as the determining factor, but pay more attention to comprehensive factors such as liquidity, user experience and platform stability.

In addition, the use of transaction BOT is also very common:

More than 2.11 million addresses use transaction BOT, with a usage rate of 53.83%.

In contrast, the usage rates of Pump.fun and Jito are 46.43% and 45.01% respectively, which have not yet exceeded half.

These data reflect users’ high reliance on efficient and convenient trading tools, and also demonstrate Raydium’s absolute dominance in the market.

4. More than half of Bot users only use a single Bot platform

In the trading BOT market, user choices show obvious concentration. Data shows:

66% (1.3995 million) of BOT user addresses only use a single transaction BOT.

34% (712,400) users choose to use multiple BOT transactions.

This ratio shows that users have high loyalty to the selected BOT platform, or because the differences between platforms are unclearIt is obvious that after selecting a BOT, users lack the motivation to change or trade on multiple platforms.

5. The transaction volume of users who do not use BOT is significantly higher

Compared with users who use BOT to trade, the average transaction volume of users who do not use BOT is several times higher:

Users using BOT: The average transaction volume is US$93,500.

Users who do not use BOT: the average transaction volume is as high as 678,800 US dollars.

This data may reflect that ordinary users and novice users account for a large proportion of the BOT user group, while whale users with high transaction volumes are more inclined to operate manually or use efficient tools to pursue more precise control. .

6. Whale users prefer Photon, while ordinary users prefer Trojan

Users with different consumption levels show significant differences in their choice of trading BOT:

Whale users (top 5%)

Photon is the most popular trading BOT, contributing 38.9% of handling fees.

Trojan followed closely, accounting for 15.02%.

This choice shows that whale users are more inclined to use the powerful and stable Photon BOT.

Ordinary users (20%-30%)

Trojan has become the first choice for ordinary users, accounting for 19.27% ​​of the total handling fees.

Photon and Bullx ranked second and third with 17.34% and 14.71% respectively.

Ordinary users have more diverse choices, showing broad acceptance of different BOT features.

Novice users (minimum 25%)

The choices of novice users are relatively scattered. Trojan, Photon, PepeBoost, and Bullx are the main trading BOTs, all contributing more than 10%. Handling fee.

This distribution reflects that novice users are more inclined to try multiple tools when using BOT, rather than focusing on using a single platform.

3. Brief analysis of the top 10 Memecoin annual consumption addresses in 2024 1. The handling fees of 5 addresses exceeded 10 million U.S. dollars, with the highest cost reaching 133 million U.S. dollars

In Memecoin transactions in 2024, the total Handling feeTop 10 user addresses show extremely high consumption concentration, and the total handling fees of 5 addresses exceed 10 million US dollars:

MfDuWe: 133 million US dollars (handling rate 0.3%, total transaction amount 448.55 billion U.S. dollars).

kpqUj8: US$19.86 million.

YubQzu: $18.2 million.

HBGdum: $11.9 million.

7vi5dy: $11.89 million.

2. Users with the highest and lowest feesComparing

MfDuWe, the address with the highest handling fee, shows huge transaction scale and expenditure, with its fee accounting for 0.3% of the total transaction amount.

In contrast, the handling rates of addresses 13g21m and 89VB5U are only 0.005%, which is the lowest level.

This data fully reflects the consumption differences between different users in the Memecoin market, as well as the significant contribution of top users to the overall fee income.

3. Details of the Top 10 addresses with total handling fees on Raydium, Jito, Pump.fun and other platforms

The Top 10 user addresses on the Raydium platform have demonstrated extremely high contribution to handling fees. The annual handling fee expenditure of each address is With more than 10 million US dollars, these users spend almost all of their fees on the Raydium platform. Top10 address details:

Jito total handling fee The handling fee amount of the Top10 addresses ranges from 1.2 million to 6.2 million US dollars. Top10 address details:

Pump.fun Total handling fee The handling fee amount of the Top10 addresses ranges from 500,000 to 2.4 million US dollars. Top10 address details:

4. Various Bot handling fees Top10 total fee details