Solana Flips Ethereum in Total Weekly Fees, SOL Becomes the Fourth-Largest Cryptocurrency by Market Cap

The Solana layer-1 blockchain has flipped Ethereum in total weekly fees just days after surpassing BNB to emerge as the fourth-largest cryptocurrency

Solana (SOL) has quietly achieved a significant milestone in the crypto industry. According to the latest data from crypto researcher Dan Smith on Substack, Solana has surpassed Ethereum (ETH) in total weekly transaction fees for the first time ever.

In his analysis, Smith highlights the impressive performance of Solana, which hit $25 million in total fees last week, outpacing Ethereum's $21 million. This marks a new high for Solana, which has been posting strong numbers throughout 2023.

For the first time ever, Solana surpassed Ethereum in total transaction fees and MEV tips on the weekly timeframe ($25M vs $21M)

Solana validators and stakers are absolutely eating this cycle pic.twitter.com/kIIKVLUDPr

This achievement comes as Solana continues to attract attention for its low fees and fast transaction speeds, which have made it a popular choice for decentralized applications (Dapps) and decentralized finance (DeFi) protocols.

Solana Surpasses BNB In Market Cap

In addition to the milestone in transaction fees, Solana also made headlines recently by surpassing Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization. This follows a strong rally by SOL, which has outperformed most other top-10 crypto assets year-to-date.

At the time of writing, Solana's market cap stood at $85.4 billion, while BNB's market cap was at $84 billion. Interestingly, both BNB and Solana have seen their market valuations increase significantly in the past year, driven by the booming crypto and Web3 industries.

BNB is now eyeing a return to the top 3 after losing out to XRP in the last bull market, setting up a potential battle with Solana for fourth place in the coming months/years.

Solana's Stellar Growth In 2023

Solana's impressive growth in 2023 has been fueled by several factors, including the launch of new projects and applications on the Solana blockchain. According to DeFiLlama, Solana now hosts over 151 protocols, the third-highest among all blockchain networks.

Solana also ranks third in total value locked (TVL) among all Layer-1 protocols, with over $5.5 billion deposited in various DeFi protocols on Solana. This puts Solana behind only Ethereum and Tron in terms of TVL.

Despite having fewer protocols compared to networks like Ethereum, Solana's growth has been driven by the popularity of certain applications, such as meme coins and NFT projects, which have attracted a large following among crypto enthusiasts.

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