Originally published on: October 24, 2024
Solana, the Layer-1 blockchain, continues to shatter fee revenue records, showcasing its dominance in the crypto world. According to the latest data from Blockworks Research, Solana achieved a new all-time high on Oct. 22 and surpassed it the following day with a staggering $8.7 million in network revenue.
Dan Smith, Blockworks’ data analytics manager, shared that this impressive figure includes various revenue sources like base fees, priority fees, and tips. Solana’s rise as a formidable competitor to Ethereum is evident in its performance, with the SOL token outperforming Ether by a remarkable 600% since 2023.
The total value locked (TVL) on Solana has skyrocketed from under $250 million at the beginning of 2023 to over $6.8 billion as of Oct. 24, as reported by DefiLlama. In the world of decentralized finance, Solana has taken the lead over Ethereum in weekly total fees, surpassing $25 million compared to Ethereum’s $21 million.
The surge in Solana’s popularity can be attributed to the frenzy of celebrity coin trading on Solana-based memecoin platforms like Pump.fun and Moonshot. Additionally, SOL is poised to join the ranks of Bitcoin and ETH for inclusion in exchange-traded funds (ETFs) in the US.
On Oct. 21, Solana’s decentralized exchange, Raydium, outshined the Ethereum network with $3.4 million in fee revenue in just 24 hours, surpassing Ethereum’s $3.35 million. While Ethereum continues to recover from a significant drop in revenue post the March upgrade, experts predict a massive $66 billion in annual free cash flow by 2030.
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