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For the first time, the Solana blockchain has outpaced Ethereum regarding transaction fees. Last week, the transaction fees on Solana exceeded those on Ethereum by $4 million.
From July 22 to July 29, the Solana blockchain network generated approximately $25 million in gas fees and MEV tips. As reported by Blockworks Research, the corresponding figure for the Ethereum blockchain was lower for the first time, at around $21 million.
Analysts attribute the growth of the Solana ecosystem to the activity of platforms for minting and trading meme coins built on its blockchain. Among these, Pump.fun is notable, achieving daily revenue of $864,000 on July 29. Remarkably, this platform outperformed the Ethereum blockchain, which generated about $550,000 in revenue during the same timeframe.
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Despite this, the Ethereum blockchain remains the leader in total value locked (TVL). According to DefiLlama, its TVL is nearly $60 billion, supported by 1,135 protocols. In contrast, analysts have observed that Solana’s TVL has tripled since the beginning of 2024, reaching $5.5 billion on July 28, coinciding with Solana’s peak daily fees in three months, which amounted to $5.5 million in commissions. Dan Smith, Research & Data Analyst at Blockworks, indicates that approximately 58% of this value originated from MEV tips, while 37% came from priority transaction fees.
Dune Analytics indicates that SOL stakers have earned over $32 million in rewards. As per StakingRewards, the average yield on SOL staking is around 7% annually, compared to ETH staking yields of 3.3% per year.
In 2022, Solana first surpassed Ethereum in daily transaction counts. The network also set a record for daily transactions, achieving a performance of 1,504 transactions per second (TPS). This year, the excitement surrounding Solana meme coins has significantly boosted the popularity of decentralized exchanges (DEXs) based on its blockchain.
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