Solana Surpasses Ethereum in Weekly Total Fees: Blockworks Research
Solana, the Layer-1 blockchain often touted as the “Ethereum killer,” has made a significant milestone by surpassing its rival Ethereum in weekly total fees for the first time. According to Blockworks Research, Solana raked in approximately $25 million in revenue in the week of July 22, outpacing Ethereum’s $21 million.
This achievement comes on the heels of Solana’s explosive growth in 2024, fueled in part by the popularity of celebrity coin trading on Solana-based memecoin platforms like Pump.fun and Moonshot. The total market capitalization of memecoins on Solana now exceeds $50 billion.
Total value locked (TVL) on Solana has also seen a meteoric rise, reaching around $5.5 billion, more than three times higher than at the beginning of the year. Additionally, Solana hit a milestone of $5.5 million in daily total fees on July 28, the highest for the network in three months.
Dan Smith, Blockworks data analytics manager, noted that Solana validators and stakers are reaping the benefits of this growth, with 58% of fee revenue coming from maximum extractable value (MEV) tips and 37% from priority transaction fees.
On the other hand, Ethereum maintains its dominance in TVL, standing at nearly $60 billion and hosting the largest number of protocols at 1,135. However, the recent launch of celebrity coins on the Solana blockchain has resulted in significant losses for holders, with many token values plummeting by over 99%.
Despite the challenges faced by some celebrity coins on Solana, the blockchain continues to attract attention and investment, showcasing its potential to compete with established players like Ethereum in the decentralized finance space.
