Tanahub.com — Ethereum, the most capital-intensive blockchain network in the world, continues to face competition from other Layer 1 (L1) networks amid its ongoing underperformance trend. Recently, Ethereum’s daily transaction fees were overtaken by Solana.
According to data from analytics firm DefiLlama, Solana generated over $2.54 million in transaction fees within 24 hours as of October 28, 2024. In comparison, Ethereum recorded network fees of just $2.07 million during the same period.
The higher network fees reflect an increase in user activity on Solana, now the world’s third-largest blockchain by activity. This milestone places Solana as the fifth-largest protocol in terms of fee generation across the crypto landscape.
The rise in Solana’s transaction fees is closely linked to trading activity on its leading decentralized exchange (DEX), Raydium, which reported transaction fees exceeding $3.41 million in the past 24 hours.
While Solana has shown rapid growth in daily revenue, its cumulative transaction fees still lag behind Ethereum over a longer time frame.
Over the past 30 days, Ethereum generated nearly $134.6 million in transaction fees, while Solana produced $61.3 million, approximately 45% of Ethereum’s total during the same period.
A significant portion of Solana’s revenue, often dubbed the “Ethereum killer,” continues to be driven by memecoin hype. Nearly 47% of Solana’s monthly revenue, or about $29.5 million, came from transactions on Pump.Fun, a platform for launching memecoins.
Data from Dune Analytics shows that Pump.Fun has generated $160 million in transaction fees since its launch in early March. The platform has amassed nearly 4 million user wallet addresses and facilitated the creation of 2.76 million memecoins.
Source: Volubit.id