Originally published on: October 24, 2024
Solana, the Layer-1 blockchain, continues to shatter records with its network revenues reaching new heights, as reported by Blockworks Research. On Oct. 23, Solana generated a staggering $8.7 million in economic value from network activity, surpassing the previous day’s earnings of just under $8 million. This remarkable feat includes revenue sources from base fees, priority fees, and tips, among others.
Dubbed as a serious contender to Ethereum, Solana’s native token SOL has outperformed Ether by an impressive 600% since 2023. The total value locked (TVL) on Solana has skyrocketed from less than $250 million at the beginning of the year to over $6.8 billion as of Oct. 24, showcasing the platform’s rapid growth and popularity.
In a significant milestone, Solana surpassed Ethereum in weekly total fees back in July, raking in approximately $25 million compared to Ethereum’s $21 million. This surge in revenue can be attributed to the buzz surrounding celebrity coin trading on Solana-based memecoin platforms like Pump.fun and Moonshot.
Furthermore, SOL is poised to join the ranks of Bitcoin and Ethereum for potential inclusion in exchange-traded funds (ETFs) in the US, cementing its status as a top cryptocurrency.
Solana’s decentralized exchange, Raydium, made headlines on Oct. 21 by outperforming the Ethereum network in 24-hour revenue. Raydium generated $3.4 million in fee revenue, surpassing Ethereum’s $3.35 million, according to data from DefiLlama. While Ethereum is recovering from a decline in revenue post its March DenCun upgrade, experts predict a significant uptick in annual cash flow for the network by 2030.
As Solana continues to make waves in the crypto space, its record-breaking fee revenue underscores its growing dominance and appeal among investors and traders alike. Subscribe to the Finance Redefined newsletter for more insights on the latest developments in the world of decentralized finance and stay informed about emerging financial opportunities. Join us every Friday for a comprehensive roundup of the DeFi landscape.
