Crypto: Solana Snatches the Crown of Revenues from Ethereum

The Solana blockchain has just reached a historic milestone by surpassing Ethereum in certain indicators. This remarkable performance comes as the network is experiencing intense activity, notably due to the rise of memecoins.

Record revenues for Sol

For the first time in its history, Solana has surpassed Ethereum in terms of weekly revenue generated. According to Blockworks Research, SOL earned approximately 25 million dollars in the week of July 22, compared to 21 million for ETH.

This performance is mainly explained by the significant increase in transaction fees and tips related to maximal extractable value (MEV).

The data reveals that 58% of the revenue comes from MEV tips, while 37% comes from priority transaction fees. The sustained activity of decentralized exchanges (DEX) is identified as the main driver of this growth.

Dan Smith, an analyst at Blockworks, emphasizes that “Solana’s validators and stakers benefit considerably from this crypto cycle.”

On July 28, the network even reached a historic peak of 5.5 million dollars in daily revenue, its highest level in three months.

The memecoin effect boosts the Solana ecosystem

The frenzy around memecoins on Solana largely explains this impressive increase in revenue. Platforms like Pump.fun and Moonshot have catalyzed a wave of intense exchanges, propelling the network’s activity to unprecedented levels. This trend, initiated by tokens like Bonk, has extended to a multitude of meme coins inspired by celebrities.

However, this trend comes with risks. Analyst Slorg notes that “even the most successful celebrity memecoins have dropped by more than 70% a month after their launch.”

Despite these fluctuations, Solana crypto demonstrates remarkable resilience. The price of SOL has increased by more than 4% over seven days, indicating sustained investor interest.

In summary, although Ethereum maintains its dominance with nearly 60 billion dollars in total value locked (TVL), compared to 5.5 billion for Solana, the gap tends to narrow.