Solana made waves in the blockchain world by surpassing Ethereum in weekly fees for the first time. Bitcoin and Ethereum are considered the big boys of the blockchain space. Solana also showed that he wanted to take part in this field. Let’s examine this fee news that excites crypto enthusiasts!
So is this a coincidence? I think not! The Solana network has surpassed Ethereum in weekly fee revenue, claiming the SOL-id victory. This unexpected development has left many wondering: Is this just a flash in the pan, or the beginning of a new blockchain era?
A closer look at Solana’s success
Solana generated nearly $22 million in revenue during the week of July 25, while Ethereum trailed with $21 million. This marks the first time Solana has surpassed Ethereum in total fees and MEV tips since its launch.
Solana’s revenue breakdown also reveals some interesting numbers. 58% of total fee revenue came from MEV tips, while 37% came from priority transaction fees. On July 28, the network reached a three-month high of $5.5 million in daily revenue.
These figures reflect the increased user engagement on the Solana network in recent months. However, it is worth noting that Ethereum still holds a significant lead in total value locked (TVL), with nearly $60 billion compared to Solana’s $5.5 billion.
Is Solana rising because Ethereum is losing value, or has Solana actually managed to gather an audience of its own? When it comes to the big guys like Ethereum and the foundations of network chains, altcoins are a bit of a mixed bag. Only time will tell.
The memecoin factor
One of the biggest contributors to Solana’s fee growth has been increased activity on memecoin trading platforms such as Pump.fun and Moonshot. These platforms have been at the center of the memecoin trading frenzy that has noticeably increased Solana’s presence in the market.
This trend started with the rise of tokens like Bonk and has since evolved into the memecoin culture named after assets ranging from politicians to pets. However, many of these tokens experienced rapid depreciation shortly after their launch.
While this success is an important moment for Solana, it is too early to predict long-term trends. The blockchain landscape continues to evolve, and both Solana and Ethereum face ongoing challenges and opportunities.
Featured image credit: Solana
