Solana Outperforms Ethereum in Key Metrics
YEREVAN (CoinChapter.com) — Solana has recently outperformed Ethereum in terms of transaction fees and maximum extractable value (MEV) tips. According to Blockworks Research, Solana generated approximately $25 million in revenue during the week of July 22, surpassing Ethereum’s $21 million. Analyst Dan Smith noted this milestone, highlighting that it was the first time Solana outpaced Ethereum in these metrics on a weekly basis.
On July 28, Solana achieved another notable feat by generating $5.5 million in daily revenue, the highest in three months. This revenue included all forms of earnings for Solana validators, such as tips and MEV. Smith pointed out that 58% of this revenue came from MEV tips, with 37% derived from priority transaction fees. Most of the activity driving this revenue was attributed to spot decentralized exchange (DEX) trading.
Solana’s TVL Triples, Reflecting Strong Growth in DeFi Sector
While Ethereum continues to lead in total value locked (TVL), holding nearly $60 billion and supporting 1,135 protocols, Solana has shown significant growth. DefiLlama reports that Solana’s TVL has increased to about $5.5 billion, tripling since the beginning of 2024. This increase reflects Solana’s growing role in the decentralized finance (DeFi) sector.
Meme Coin Craze Boosts Solana’s Revenue Despite Value Drops
The surge in Solana’s revenue can be largely attributed to increased activity on meme coin trading platforms like Pump.fun and Moonshot. These platforms have fueled a trading frenzy, enhancing Solana’s network activity. This trend started with tokens like Bonk and has expanded into a broader culture of meme coins, often featuring names of public figures and celebrities.
Despite the initial excitement, many of these tokens have seen significant value declines. Cryptocurrency analyst Slorg noted that more than half of these meme coins are down over 70%, with some dropping over 90% within a month of their launch. However, the trading volume generated by these tokens has contributed to Solana’s overall revenue.
Solana Outperforms ETH with Revenue Surge, Draws Industry Praise
Members of the crypto community have acknowledged Solana’s recent achievements. Mert Mumtaz, CEO of Helius Labs, shared on X,
“Solana just generated more revenue than Ethereum, Arbitrum, and Base combined. Good day to be staking with Solana validators.”
This comment reflects the attention and positive response from industry observers to Solana’s recent performance.
While Ethereum remains a major player, Solana’s recent milestones indicate a dynamic and competitive environment within the cryptocurrency market.
The post Solana Outperforms Ethereum in Key Metrics appeared first on CoinChapter.
