Solana (SOL) Outperforms Ethereum (ETH) On These Important Metrics

Solana has surpassed ethereum in total transaction fees and maximum withdrawable value (MEV) tips for the first time in a weekly time period since 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.

Solana's milestones

Dan Smith, Blockworks analyst, x.com/smyyguy/status/1817946858410389950″ data-wpel-link=”external” target=”_blank”>noted This achievement on x highlights that Solana has surpassed ethereum for the first time in total transaction fees and weekly MEV tips by reaching $25 million compared to eth’s $21 million. x.com/smyyguy/status/1817945513594904986″ data-wpel-link=”external” target=”_blank”>emphasized that Solana validators and stakers are benefiting significantly during this cycle.

On July 28, the network also hit another record, generating $5.5 million in daily revenue, the highest level in three months. Smith explained that this data includes all forms of Solana validator revenue, such as tipping and MEV.

According to data from Blockworks Research, 58% of fee revenue came from MEV tipping, while 37% was derived from priority transaction fees. Dan added that the majority of the activity generating this revenue came from spot trading on decentralized exchanges (DEXs).

This milestone was further highlighted by Mert Mumtaz, CEO of Helius Labs, who x.com/0xMert_/status/1817947722936373750″ data-wpel-link=”external” target=”_blank”>he stressed In a post by x, “Solana just generated more revenue than ethereum, Arbitrum, and Base combined. Great day for staking with Solana validators. Accelerate.”

In response to this, Dan added that this revenue came solely from transaction fees, excluding tips.

Meanwhile, according to DefiLlama dataTotal value locked (TVL) on Solana has skyrocketed to around $5.5 billion, more than threefold since the start of 2024. However, ethereum remains the clear leader in TVL, at nearly $60 billion and hosting the most protocols at 1,135.

Solana's revenue was boosted by the meme coin craze

Solana’s revenue surge can be attributed to increased activity on its network, particularly through meme coin trading platforms like Pump.fun and Moonshot. These platforms kicked off a meme coin trading frenzy, which significantly boosted Solana’s market presence.

The trend, which started with tokens like Bonk, has since evolved into a 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 launch, with celebrities losing their value as well. x.com/SlorgoftheSlugs/status/1816283518151934042″ data-wpel-link=”external” target=”_blank”>abandoning their projects.

Cryptocurrency Analyst Slorg x.com/SlorgoftheSlugs/status/1816283514368622674″ data-wpel-link=”external” target=”_blank”>noted in a thread on x that even the “best performing” celebrity meme coins dropped over 70%, with exactly half dropping over 99% and another seven dropping over 90% within a month of launch.

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