Solana has outpaced Ethereum in weekly total fees for the first time during the week of July 22.
Solana has outpaced Ethereum in weekly total fees for the first time during the week of July 22, generating around $25 million in revenue compared to Ethereum's $21 million. The total fee data includes all forms of revenue for Solana validators, such as tips and maximum extractable value (MEV).
Blockworks data analytics manager Dan Smith noted on X that 58% of Solana's fee revenue came from MEV tips, while 37% was derived from priority transaction fees. "Solana validators and stakers are absolutely eating this cycle," Smith remarked.
This surge in Solana's revenue is largely driven by a wave of celebrity coin trading on Solana-based memecoin platforms like Pump.fun and Moonshot. Memecoins, which have now surpassed a total market capitalization of $50 billion, have played a crucial role in Solana's recent growth.
Solana's total value locked (TVL) has skyrocketed to approximately $5.5 billion, more than tripling since the beginning of 2024. On July 28, Solana recorded daily total fees of over $5.5 million, marking the highest for the network in three months.
Furthermore, stakers on the network have earned cumulative rewards exceeding $32 million and are currently enjoying yields of around 7%. In contrast, Ethereum stakers are earning an annual percentage rate (APR) of 3.3%. Despite this, Ethereum remains the dominant player in terms of TVL, which stands at nearly $60 billion.
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