For the first time, Solana has surpassed Ethereum in weekly total fees, marking a significant milestone for the blockchain network.
According to Blockworks Research, Solana generated around $25 million in transaction fees during the week of July 22, outpacing Ethereum’s $21 million.
This achievement reflects Solana’s growing popularity, particularly fueled by the rise of celebrity-endorsed meme coins traded on Solana-based platforms like Pump. fun and Moonshot.
These meme coins have collectively reached over $50 billion in market capitalization, contributing to the increased activity on the network.
In terms of daily fees, Solana hit a peak of $5.5 million on July 28, the highest in three months.
Dan Smith from Blockworks highlighted that a significant portion of these fees came from Maximum Extractable Value (MEV) tips and priority transaction fees, showing that validators and stakers are reaping considerable rewards.
Despite this, Ethereum remains the leader in terms of total value locked (TVL), boasting nearly $60 billion and over 1,100 protocols. Solana’s TVL has also seen substantial growth, tripling to $5.5 billion since the start of 2024.
While Solana’s stakers are enjoying yields of around 7%, as reported by Dune Analytics, Ethereum stakers earn about 3.3% APR according to StakingRewards.com.
However, the rapid rise of celebrity coins on Solana has also led to significant losses, with many tokens dropping over 99% in value.
