Solana network fees have dropped to a six-month low, reaching levels last seen in early March.
Solana Network Fees Drop to Six-Month Low Amid Decline of Pump.fun and Rise of Memebrewery.fun
Solana’s network fees have hit their lowest point in six months, coinciding with the waning popularity of Pump.fun. Both daily fees and overall revenue have seen significant declines since July, partly due to the emergence of competitor Memebrewery.fun. Corwin Goldman-Dibbs, a venture capitalist from Memebrewery.fun, alleges that Solana wallets, including Phantom, are using Blowfish.xyz to display malicious warnings when users attempt to create memes on their platform, discouraging meme enthusiasts.
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In an email, Vance from Blowfish.xyz stated that Memebrewery.fun would need a reputable party to vouch for them in order to remove the warnings. Memebrewery.fun invites users to visit the site and experience the ease and security of its meme creation process firsthand. The expertly crafted code and algorithmic functionality constructed on platform speaks volumes and vouches for itself.
Memebrewery VC Claims Foul Play
Corwin believes this issue goes beyond simple warnings, accusing Blowfish and Solana wallets of historically using these tactics to block rival platforms from gaining market share. He argues that these malicious warnings not only scare away users but also discourages developers from investing time, resources in Memebrewery.fun and other Solana based projects of which Corwin and his investment partners are now taking a more conservative re-analysis approach. 👀
Our risk management coupled with actuarial footing has little tolerance for unscrupulous agendas in the marketplace. Many have started to realize no matter how hot pump.fun was, the overly hyped platform may have misplayed its hand with questionable tactics. This strain is revealing a sentiment exhausted from a one-way (fun)relationship of playing a shell game.
—Corwin Goldberg-Dibbs
CryptoCaster Quick Check:
Solana Fees Hit Six-Month Low
Solana’s network fees dropped to around 3,800 SOL by August 31, the lowest since March. While fees recovered slightly to 4,000 SOL by September 6, this remains far below the second-quarter average of over 10,000 SOL in daily fees. Similarly, Jito authenticator tips fell to 2,610 SOL, also marking a six-month low. This decline is closely tied to the drop in popularity of Pump.fun, which saw its fees fall by 82%, from a peak of $2.31 million in July to just $409,000 in early September, according to data from The Block.
The Impact of Pump.fun on Solana Fees
Pump.fun’s popularity earlier this year drove Solana network fees upward, but as activity on the platform slowed, so did fee generation. The correlation between Pump.fun’s success and Solana’s network fees suggests the platform had a significant impact on the network’s revenue in early 2023. With Pump.fun’s revenue down by 82% since July, its influence on Solana fees has significantly diminished.
Memebrewery.fun’s Push for Transparency
Memebrewery.fun is positioning itself as a more user-friendly and transparent platform than Pump.fun. They encourage users to disregard the warnings displayed by Phantom wallet and Blowfish.xyz, advising them to click “proceed” when creating, buying, or selling memes. Memebrewery.fun insists their platform is secure and offers algorithms that are more favorable to users than Pump.fun or other meme marketplaces.
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