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Solana Surpasses Ethereum in Key Metrics, Achieves $5.5B TVL and $5.5M Fees

Jul 29, 2024, 11:08 AM

Solana has achieved significant milestones in the blockchain space, surpassing Ethereum in several key metrics. Over the past week, Solana led the number of users on-chain with 38.7K unique buyers and sellers. The platform reached a new all-time high in Total Value Locked (TVL) at $5.5 billion USD. Solana's decentralized exchange (DEX) volume dominance also hit a record 42%, surpassing the combined 24-hour DEX volume of Ethereum, Base, and Binance chains. Additionally, Solana generated more revenue than Ethereum, Arbitrum, and Base combined, with a notable $5.5 million in total fees collected yesterday. The staking protocol Jito became the top fees-generating protocol across all blockchains, earning $3.2 million in validator tips. Solana's meme coin-creating platform, PumpDotFun, also outpaced Ethereum in 24-hour revenue generation. Solana's market dominance reached 35%.