For the first time, the Solana blockchain surpassed Ethereum in terms of transaction fees. Last week, the value of transaction fees on Solana was $4 million higher than on Ethereum.
Between July 22 and July 29, the Solana blockchain network generated about $25 million in gas fees and MEV tips. According to Blockworks Research, the Ethereum blockchain’s similar figure was lower for the first time, about $21 million.
Analysts explain the Solana ecosystem’s growth by the activity of platforms for minting and trading meme coins based on its blockchain. Pump.fun stands out among these, with daily revenue amounting to $864,000 on July 29. Notably, the platform managed to surpass the indicators of the Ethereum blockchain, whose revenue during the same period reached about $550,000.
The Ethereum blockchain is still the leader in the total value locked (TVL). According to DefiLlama, its TVL is almost $60 billion, which generates 1,135 protocols. Meanwhile, analysts noted that Solana’s TVL tripled since the start of 2024, reaching $5.5 billion on July 28, the same day Solana hit its highest daily fees in three months, generating $5.5 million in commissions. Dan Smith, Research & Data Analyst at Blockworks, says that about 58% of the value came from MEV tips and 37% from priority transaction fees.
Dune Analytics reports that SOL stakers earned more than $32 million in rewards. According to StakingRewards, the average yield on SOL staking is about 7% per year. In comparison, ETH staking yields 3.3% per annum.
In 2022, Solana surpassed Ethereum in the number of daily transactions for the first time. The network also became the record holder of daily transactions, registering a performance of 1,504 transactions per second (TPS). This year, the hype surrounding Solana meme coins significantly increased the popularity of DEXs based on its blockchain.
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