Ethereum
Solana Overtakes Ethereum in Weekly Revenue Amid Memecoin Frenzy
Solana Overtakes Ethereum in Weekly Revenue Amid Memecoin Frenzy
Solana has exceeds Ethereum for the first time during the week of July 22, generating approximately $25 million in revenue compared to Ethereum’s $21 million. The total fee data includes all forms of revenue for Solana validators, such as tips and maximum extractable value (MEV).
Dan Smith, Blockworks’ head of data analytics, noted on X that 58% of Solana’s revenue comes from MEV tips, while 37% comes from priority transaction fees. “Solana validators and stakers are absolutely eating up this cycle,” Smith noted.
This surge in Solana’s revenue is largely due to a wave of celebrity coin trading on Solana-based memecoin platforms like Pump.fun and Moonshot. Memecoins, which have now surpassed a total market cap of $50 billion, have played a crucial role in Solana’s recent growth.
Solana’s total value locked (TVL) has skyrocketed to around $5.5 billion, more than tripling since the start of 2024. On July 28, Solana recorded total daily fees of over $5.5 million, marking the highest level for the network in three months.
Additionally, stakers on the network have earned cumulative rewards exceeding $32 million and are currently enjoying yields of around 7%. In contrast, Ethereum stakers earn an annual percentage rate (APR) of 3.3%. Despite this, Ethereum remains the dominant player in terms of TVL, which stands at nearly $60 billion.