Solana Surpasses Ethereum in Weekly Revenue and Monthly DEX Trading Volume
For the first time in its history, Solana has achieved two significant milestones. Solana (SOL) outpaced Ethereum (ETH) in terms of weekly revenue generated. According to Blockworks Research, Solana earned approximately $25 million in the week of July 22, compared to Ethereum’s $21 million. Additionally, Solana surpassed Ethereum for monthly decentralized exchange (DEX) trading volume. In July, Solana’s DEX trading volume hit $55.8 billion, outpacing Ethereum’s $53.8 billion recorded between July 1 and July 31, according to DefiLlama.
Solana’s Unprecedented Growth
Solana’s rise has been nothing short of remarkable. Known as the purported “Ethereum killer,” Solana has gained significant traction throughout 2024. This growth is driven in part by the explosive popularity of celebrity coin trading on Solana-based platforms such as Pump.fun and Moonshot. The memecoin market now boasts a capitalization exceeding $50 billion, further boosting Solana’s revenue and visibility.
Record-Breaking Trading Volume
Solana’s achievement in surpassing Ethereum for monthly DEX trading volume marks a historic moment in the crypto world. This milestone reflects Solana's growing influence in the decentralized finance (DeFi) sector and highlights its competitive edge over Ethereum, despite Ethereum’s long-standing dominance in the space.
Total Value Locked (TVL) and Revenue Breakdown
Total value locked (TVL) on Solana has soared to around $5.5 billion, more than tripling since the start of 2024. On July 28, Solana’s daily total fees peaked at $5.5 million, the highest for the network in three months.
The revenue data for Solana includes various forms of income for validators, such as tips and maximum extractable value (MEV). According to Blockworks data analytics manager Dan Smith, 58% of Solana’s fee revenue came from MEV tips, and 37% from priority transaction fees. “Solana validators and stakers are absolutely eating this cycle,” Smith noted.
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