Solana (SOL), a cryptocurrency, surpasses Ethereum in these important metrics

Solana exceeded Ethereum for the first week in terms of total transaction fees, and tips on maximum extractable values (MEV).

Blockworks Research data shows that Solana’s revenue surpassed Ethereum by approximately $21 million during the week ending July 22.

Milestones of Solana

Dan Smith is a Blockworks Analyst. noted This achievement was highlighted on X. Solana, for the first, has surpassed Ethereum on a weekly base in terms of total transaction costs and MEV tipping, with a combined $25 million compared to ETH’s $11 million. He emphasized This cycle has been a great one for Solana stakeholders and validators.

In addition, on the 28th of July, the network set another record by generating $5.5million in revenue daily, its highest level in over three months. Smith explained that these figures include all types of income for Solana Validators such as tips, MEVs and other revenue.

Blockworks Research found that 37% of revenue was generated by priority transaction fee, while 58% came from MEV Tips. Dan explained that this revenue is primarily driven by trading at the spot decentralized Exchange (DEX).

Mert mumtaz (CEO of Helius Labs) emphasized the importance of this milestone. remarked In an X-post, “Solana just generated more revenue than Ethereum, Arbitrum, and Base combined. Good day to be staking with Solana validators. Accelerate.”

Dan replied that these revenues were solely transaction fees and excluded tips.

As per DefiLlama dataThe total value (TVL), which is the amount of money that has been locked up on Solana, increased by more than 3 times since 2024. Ethereum is still the leader of TVL with almost $60 billion, and the most protocols (1,135).

Solana Revenues Boosted by Meme Coin Frenzy

Increased activity in Solana’s network can be traced to platforms such as Pump.fun or Moonshot that allow users to trade meme coins. The platforms sparked a frenzy of meme coin trading, which boosted Solana’s market share.

Since the beginning of this trend with Bonk tokens, it has become a worldwide phenomenon. evolved In a meme coin culture named after celebrities and public figures. Although initially hyped, the value of many tokens dropped quickly after they were launched. Even celebrities lost some of their value. abandoning Their projects.

Slorg, a cryptocurrency analyst noted Even the X thread is a good example of a ‘thread. “best performing” Coins with celebrity images down More than 70% of the products were down, and exactly half had a drop over 99%. Seven other products dropped more than 90% in a single month after their release.