Ethereum
Solana surpasses Ethereum in weekly fee revenue for the first time
Solana exceeds Ethereum in total fees and MEV tips for the first time over a weekly period since its launch.
According to Blockworks Research, Solana generated approximately $25 million in revenue during the week of July 22, surpassing Ethereum’s $21 million.
SOL was trading at $185.8 at press time amid a general market downturn after hitting a high of $193.8 earlier in the day, according to data from CryptoSlate.
Income distribution
Dan Smith, analyst at Blockworks note that the total fee data includes all forms of Solana validator revenue, such as tips and maximum extractable value (MEV). He clarified that 58% of fee revenue came from MEV tips, while 37% came from priority transaction fees.
On July 28, the network generated $5.5 million in daily revenue, the highest number in three months. These milestones highlight the growth in user engagement on the Solana network over the past few months.
Helius Labs CEO Mert Mumtaz stressed that the network had generated more revenue July 28 that “Ethereum, Arbitrum and Base combined” without including MEV tips.
However, he also noted that the high trading volumes on Solana DEXs were not genuine, with much of the volume being related to wash trading.
Despite the network’s recent achievements, Ethereum remains the leader in total value locked (TVL), holding nearly $60 billion, more than 10 times more than Solana’s roughly $5.5 billion, according to Llama Challenge.
Memecoin frenzy
Solana’s fee increase can be attributed to increased activity on its network, particularly within memecoin exchanges like Pump.fun and Moonshot.
These platforms have been at the forefront of a memecoin trading frenzy that has significantly boosted Solana’s presence in the market. The ease of access and ability for anyone to launch their own token has led to a dramatic increase in memecoin trading since late 2022.
The trend started with the rise of tokens like Bonk and evolved into a culture of memecoins named after politicians, celebrities, pets, and anything else someone believes might have “meme value.”
Despite the craze, many of these tokens have lost most, if not all, of their value. in a few weeks of the launch, and many celebrities appear to have subsequently dropped out of the projects.
Solana Market Data
At the time of going to press, July 29, 2024 at 22:09 UTC, Solana is ranked #4 by market capitalization and the price is up 0.31% in the last 24 hours. Solana has a market capitalization of $86.33 billion with a 24-hour trading volume of $3.45 billion. Learn more about Solana ›
Cryptocurrency Market Summary
As of press time at 22:09 UTC on July 29, 2024, the total cryptocurrency market is valued at $2.41 trillion with a 24-hour volume of $80.61 billionBitcoin dominance is currently at 55.10%. Learn more about the cryptocurrency market ›