Solana Surpasses Ethereum in Fee Revenue, Collects $25M vs $21M

Jul 30, 2024, 04:52 AM

Solana has surpassed Ethereum in both 24-hour and weekly fee revenue collections. For the first time, Solana generated approximately $25 million in weekly fees during the week of July 22, compared to Ethereum's $21 million. This shift is largely driven by active trading of memecoins and the Moonshot project on Solana's platform. Consequently, Solana's total value locked (TVL) has surged to $5.5 billion this year, tripling its previous value. Additionally, the network recorded $5.5 million in transaction fees. This notable increase in activity and revenue highlights Solana's growing prominence in the cryptocurrency market.