Solana has surpassed Ethereum in total fees and MEV tips for the first time in a weekly timeframe since its launch, generating approximately $25 million in revenue during the week of July 22. This milestone comes as Solana continues to gain traction and user engagement on its network. Revenue breakdown shows that 58% of the fee revenue came from MEV tips, while 37% was derived from priority transaction fees. The network also generated $5.5 million in daily revenue on July 28, the highest in three months.
Despite its recent achievements, Ethereum still leads in total value locked (TVL), holding nearly $60 billion compared to Solana’s roughly $5.5 billion. The surge in fees for Solana can be attributed to increased activity on its network, particularly within memecoin trading platforms like Pump.fun and Moonshot. These platforms have been at the forefront of a memecoin trading frenzy, boosting Solana’s market presence. However, many of these memecoins have lost value within a few weeks of launch, leading some celebrities to abandon the projects.
At the time of writing, Solana is ranked #4 by market cap with a market capitalization of $86.33 billion and a 24-hour trading volume of $3.45 billion. The total crypto market is valued at $2.41 trillion with a 24-hour volume of $80.61 billion, and Bitcoin dominance is currently at 55.10%. Despite the recent market downturn, Solana’s price was trading at $185.8, after hitting a high of $193.8 earlier in the day.
Helius Labs CEO Mert Mumtaz noted that Solana had generated more revenue on July 28 than Ethereum, Arbitrum, and Base combined, excluding MEV tips. However, he also pointed out that much of the trading volumes on Solana DEXs were connected to “wash trading,” indicating that some of the activity may not be genuine. The trend of memecoin trading on Solana started with tokens like Bonk and has now evolved into a culture of tokens named after various subjects.
In conclusion, Solana’s recent milestone of surpassing Ethereum in total fees and MEV tips for a weekly timeframe demonstrates the growing traction and user engagement on its network. Despite the surge in memecoin trading, Solana still has a long way to go to catch up to Ethereum in terms of total value locked. As the crypto market continues to evolve, Solana’s position as a top player is solidified by its consistent revenue generation and market presence.
