Ethereum

Solana

Layer-1 blockchain Solana surpassed rival Ethereum in weekly total fees for the first time in the week of July 22, clocking approximately $25 million in revenue versus Ethereum’s $21 million , <a href="https://x.com/smyyguy/status/1817946858410389950" target="_blank" rel="noopener noreferrer nofollow">according</a> to Blockworks Research.
The purported “Ethereum killer” has been on a tear in 2024, aided by an ongoing frenzy of celebrity coin trading hosted largely on Solana-based memecoin platforms such as pump.fun and Moonshot. Memecoins now exceed $50 billion in total market capitalization.
Related: <a href="https://cointelegraph.com/news/pump-fun-flips-ethereum-24-hour-revenue-generation" rel="noopener noreferrer nofollow">Pump.fun flips Ethereum in 24-hour revenue generation — DefiLlama</a>
Total value locked (TVL) on Solana has soared to around $5.5 billion, a more than three times increase since the start of 2024, according to data from DeFiLlama. On July 28, Solana topped $5.5 million in daily total fees, the highest for the network in three months, according to Blockworks Research.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/97888b05-3f5d-4c65-a5e4-fc7fb3382dbb.png" alt="Solana beats Ethereum in weekly total fees for the first time — Research " title="">
 <figcaption style="text-align: center;">&nbsp;Solana surpassed rival Ethereum in weekly total fees for the first time. Source: Blockworks Research
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The total fee data encompasses all forms of revenue for Solana validators, including tips and maximum extractable value (MEV), Blockworks data analytics manager Dan Smith <a href="https://x.com/smyyguy/status/1817945513594904986" target="_blank" rel="noopener noreferrer nofollow">said</a> in a post on the X platform. He added that 58% of fee revenue came from MEV tips and 37% from priority transaction fees.
“Solana validators and stakers are absolutely eating this cycle,” Smith said.
According to 21.co’s Dune analytics <a href="https://dune.com/21co/solana-key-metrics" target="_blank" rel="noopener noreferrer nofollow">page</a>, Solana stakers have earned cumulative rewards of more than $32 million and are currently clocking yields of approximately 7%. By comparison, Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) is yielding 3.3% APR, according to StakingRewards.com.
Ethereum remains the undisputed leader by TVL, which currently stands at almost $60 billion, according to DefiLlama. It also hosts the largest number of protocols, at 1,135, <a href="https://defillama.com/chains" target="_blank" rel="noopener noreferrer nofollow">according</a> to DefiLlama.
The recent launch of celebrity coins on the Solana blockchain resulted in <a href="https://cointelegraph.com/news/celeb-tokens-solana-crash" rel="noopener noreferrer nofollow">massive losses for holders</a>, with most token values falling by over 99%, according X <a href="https://x.com/SlorgoftheSlugs/status/1816283536045072785" target="_blank" rel="noopener noreferrer nofollow">post</a> by cryptocurrency analyst Slorg.
Even the “best performing” celeb coins “are down more than 70%, according to Slorg, who added:
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 “Exactly half are down over 99%, with 7 others being down more than 90%. Let me remind you this is only about a month into their lifespan.”
</blockquote>
Magazine: <a href="https://cointelegraph.com/magazine/thorchain-founder-jp-thor-vampire-attack-defi/" rel="noopener noreferrer nofollow">THORChain founder and his plan to ‘vampire attack’ all of DeFi</a>

Solana beats Ethereum in weekly total fees for the first time — Research

Cointelegraph

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