Ethereum

Solana

Crown

Moonshot

<p>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.</p>
<h2 id="h-record-revenues-for-sol">Record revenues for Sol</h2>
<p>For the first time in its history, <a href="https://www.cointribune.com/en/crypto-solana-name-service-reinvents-sol-domain-names/" target="_blank" rel="noopener noreferrer nofollow">Solana</a> 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.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>This performance is mainly explained by the significant increase in transaction fees and tips related to maximal extractable value (MEV).</p>
<p>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.</p>
<p>Dan Smith, an analyst at Blockworks, emphasizes that “<em>Solana’s validators and stakers benefit considerably from this crypto cycle</em>.”</p>
<p>On July 28, the network even reached a historic peak of 5.5 million dollars in daily revenue, its highest level in three months.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-the-memecoin-effect-boosts-the-solana-ecosystem">The memecoin effect boosts the Solana ecosystem</h2>
<p>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 <a href="https://www.cointribune.com/en/crypto-celebrity-memecoins-drop-by-94-why/" target="_blank" rel="noopener noreferrer nofollow">inspired by celebrities</a>.</p>
<p>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.”</p>
<p>Despite these fluctuations, Solana crypto demonstrates remarkable resilience. The <a href="https://www.cointribune.com/en/solana-is-tracing-a-path-to-250-crypto-investors-are-excited/" target="_blank" rel="noopener noreferrer nofollow">price of SOL</a> has increased by more than 4% over seven days, indicating sustained investor interest.</p>
<p>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.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>

Crypto: Solana Snatches the Crown of Revenues from Ethereum

Table of Contents

Cointribune EN

Other articles published on Jul 31, 2024

Yawn Launches $YAWN: The World's First Meme Token to Profit from Brand-Driven Businesses and Serv...

Taco Bell expands voice AI technology in drive-thrus

ZKX plunges 50% as protocol winds down services due to low user demand

Compound Price Surges with Bullish Momentum

$BLOOD Initiates Pre-Sale Amid Plans Of Revolutionizing Meme Coin Market

SEC likely still believes SOL is a security, say crypto execs

Join our free newsletter for daily crypto updates!