atest data show that Solana has generated more revenue fees in weekly transactions than Ethereum for the first time. This is a huge milestone for Solana, and confirmation that Solana is one of ETH’s biggest competitors and has lots of potential and traction from investors and traders.
Fee Revenue Insights
According to Blackrock Research, Sol accumulated approximately $25M In fees during the week of July 22. On the other hand, the Ethereum blockchain generated $21M. The majority of Solana’s Fee generated was through tips and MEV which accounted to 58% and the rest from priority transaction fees that accounted to 37%. Moreover, the Solana blockchain achieved a record high of daily revenue since 3 months of $5.5 million dollars. This highlights the increased demand and activity on its network
Memecoin Impact
It is no secret that meme coins have been the best performing sector in crypto in terms of revenue since the beginning of 2024. This sector has greatly impacted the Solana blockchain positively and its activity. The reason behind this is because the Solana blockchain Is cheaper to launch, buy and sell meme coins attracting more users. Moreover, during March April we witnessed huge FOMO on the App “PumpFun” for trading meme coins, Increasing transactions and in return revenue fees.
Solana Gains on Ethereum in Blockchain Race
Although Solana has achieved some considerable improvements over the past years, with increased activity on its blockchain, and a huge run from a low of $8 in 2022 to hitting a high of $210 in 2024, Ethereum is still dominating the alt coin market, with a bigger market cap and institutional interest, specifically with the recent ETF approval. On the other hand, the meme coin boom could greatly benefit the Solana ecosystem and position Sol as a major contender for Ethereum.
