Solana has achieved a significant milestone by surpassing Ethereum in weekly fee revenue for the first time since its launch. According to Blockworks Research, Solana generated approximately $25 million in revenue during the week of July 22, outpacing Ethereum’s $21 million in total fees and MEV tips.
Solana’s success can be attributed to the network’s high transaction fee revenue, with $5.5 million recorded on July 28, the highest in three months. This growth highlights the increasing traction and user engagement on the Solana network in recent months.
Despite these achievements, Ethereum still leads in total value locked (TVL), holding nearly $60 billion compared to Solana’s roughly $5.5 billion, according to DefiLlama. However, Solana’s surge in fees can be linked to the rise of memecoin trading platforms like Pump.fun and Moonshot, which have contributed to the network’s market presence.
The memecoin trading frenzy on Solana has seen a significant increase in activity, with platforms allowing anyone to launch their own token. While this trend has led to a surge in memecoin trading since the end of 2022, many of these tokens lose their value shortly after launch, prompting celebrities to abandon the projects.
As of July 29, 2024, Solana is ranked #4 by market cap, with a market capitalization of $86.33 billion and a 24-hour trading volume of $3.45 billion. The total crypto market is valued at $2.41 trillion, with a 24-hour volume of $80.61 billion and Bitcoin dominance at 55.10%.
Solana’s recent achievements in surpassing Ethereum in weekly fee revenue demonstrate its growing prominence in the cryptocurrency market, driven by increased user engagement and activity on the network, particularly in memecoin trading. While Ethereum maintains its lead in TVL, Solana’s success reflects the evolving landscape of the crypto industry and the potential for emerging networks to challenge established players.