Decentralized exchanges (DEXs) on Solana have seen a dramatic increase in daily trading volumes, skyrocketing from around $1.6 billion to a peak of $10 billion recently, according to Blockworks.

Vijay Chetty, CEO of Eclipse, noted that stablecoin issuers and token launchpads are experiencing increased demand and activity, further benefiting from the market's growth.

Solana-based decentralized applications (DApps) are reporting record revenues, with the automatic market maker Raydium earning $11 million in fees within just 24 hours earlier this month.

This surge in trading activity is driving substantial revenue increases for DEXs, as noted by David Gogel from the dYdX Foundation, who highlighted that exchanges typically benefit during bull runs.

The current trading frenzy in the cryptocurrency market is reminiscent of the California Gold Rush, where service providers, rather than miners, reaped the most rewards.

While infrastructure providers play a crucial role in this ecosystem, traders and speculators are also capitalizing on the unique dynamics and sophisticated tools available in the crypto market, as pointed out by Binance.

Infrastructure providers, including oracles and SDK providers, are well-positioned for success, with liquid staking emerging as a major beneficiary in this market cycle, according to Illia Otychenko from CEX.IO.

Bitget's Chen emphasized that the current market dynamics serve as a stress test for blockchain infrastructure, highlighting the need to address high transaction fees and improve throughput.

CEX.IO cautions that while Solana's fees may establish a new baseline after recent spikes, there is a risk in over-relying on concentrated DApp activity.

Token launchpads like Pump.fun and aggregators such as Jupiter are generating significant fees due to the heightened trading activity.

New non-custodial wallets like Phantom are gaining traction by integrating seamlessly into the trading ecosystem, contributing to the overall trading frenzy.

Despite the current boom, analysts express concerns about the sustainability of this market surge, suggesting that the recent volume spikes may not be long-lasting.