Solana Outperforms Ethereum with Revenue Surge, Draws Industry Praise

YEREVAN (CoinChapter.com) — Solana has recently outperformed Ethereum in terms of transaction fees and maximum extractable value (MEV) tips.

Solana (CRYPTO: SOL) recently outperformed Ethereum (CRYPTO: ETH) in terms of transaction fees and maximum extractable value (MEV) tips, Blockworks Research reported.

Solana generated an estimated $25 million in revenue during the week of July 22, surpassing Ethereum's $21 million.

“This marks the first time Solana has outpaced Ethereum in these metrics on a weekly basis,” Blockworks analyst Dan Smith noted.

Solana achieved another milestone on July 28, generating $5.5 million in daily revenue, the highest in three months.

This revenue includes all forms of earnings for Solana validators, such as tips and MEV.

According to Smith, 58% of this revenue came from MEV tips, while 37% was derived from priority transaction fees. Notably, spot decentralized exchange (DEX) trading activity contributed significantly to this revenue.

Solana's TVL Triples, Indicating Strong Growth in the DeFi Sector

While Ethereum continues to lead in total value locked (TVL) — holding nearly $60 billion and supporting 1,135 protocols — Solana has also shown strong growth in this area.

According to DefiLlama, Solana's TVL has increased to about $5.5 billion, having tripled since the beginning of 2024. This growth reflects Solana's expanding role in the decentralized finance (DeFi) sector.

Meme Coin Craze Boosts Solana's Revenue Despite Value Drops

The recent surge in Solana's revenue can be largely attributed to increased activity on meme coin trading platforms like Pump.fun and Moonshot.

These platforms have fueled a trading frenzy that has boosted network activity on Solana. This trend began with tokens like Bonk and has since expanded into a broader meme coin culture, often featuring the names of public figures and celebrities.

However, despite the initial excitement, many of these tokens have experienced significant drops in value.

According to cryptocurrency analyst Slorg, more than half of these meme coins have declined by over 70%, with some losing over 90% of their value within a month of their launch. Nevertheless, the trading volume generated by these tokens has contributed to Solana's overall revenue.

Solana Outperforms ETH with Revenue Surge, Drawing Industry Praise

Solana's recent achievements have not gone unnoticed by members of the crypto community.

On July 29, Mert Mumtaz, CEO of Helius Labs, shared on X, “Solana just generated more revenue than Ethereum, Arbitrum, and Base combined. Good day to be staking with Solana validators.”

This comment reflects the attention and positive response from industry observers to Solana's recent performance.

While Ethereum remains a major player in the crypto market, Solana's recent milestones indicate a dynamic and competitive environment within the space.

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