Ethereum
Solana (SOL) Outperforms Ethereum (ETH) in These Important Metrics
Solana has surpassed Ethereum in total transaction fees and maximum extractable value (MEV) tips for the first time in a weekly period since its launch.
According to data from Blockworks Research, Solana generated approximately $25 million in revenue during the week of July 22, surpassing Ethereum’s $21 million.
Key milestones in Solana’s life
Dan Smith, analyst at Blockworks, note this achievement on X, highlighting that Solana has, for the first time, surpassed Ethereum in terms of total transaction fees and MEV tips on a weekly basis by reaching $25 million compared to $21 million for ETH. underlines that Solana validators and stakers benefit significantly from this cycle.
On July 28, the network also hit another record, generating $5.5 million in daily revenue, the highest in three months. Smith clarified that this data includes all forms of Solana validator revenue, such as tips and MEV.
According to data from Blockworks Research, 58% of fee revenue comes from MEV tips, while 37% comes from priority transaction fees. Dan added that the majority of the activity driving this revenue comes from spot decentralized exchanges (DEXs).
This important milestone was further highlighted by Mert Mumtaz, CEO of Helius Labs, who REMARK In a post by X, “Solana just generated more revenue than Ethereum, Arbitrum, and Base combined. It’s a good day to stake with Solana validators. Speed up.”
In response to this, Dan added that this revenue comes only from transaction fees, excluding tips.
Meanwhile, according to DefiLlama dataTotal value locked (TVL) on Solana has climbed to around $5.5 billion, a more than three-fold increase since the start of 2024. However, Ethereum remains the undisputed leader in TVL, holding nearly $60 billion and hosting the most protocols at 1,135.
Solana Revenue Boosted by Meme Coin Frenzy
Solana’s revenue surge can be attributed to increased activity on its network, particularly via coin exchanges like Pump.fun and Moonshot. These exchanges have sparked a coin trading frenzy, significantly boosting Solana’s presence in the market.
The trend, which started with tokens such as Bonk, has since evolved in the culture of meme coins named after public figures and celebrities. However, despite the initial hype, many of these tokens quickly lost much of their value shortly after their launch, with celebrities also give up their projects.
Slorg, Cryptocurrency Analyst note in the X thread, even the coins of the top performing celebrities are down more than 70%, with exactly half down more than 99% and seven others down more than 90% within a month of their launch.