Ethereum

Solana

Solana has surpassed Ethereum in daily network fee generation, indicating growing user activity on the world’s third-largest blockchain. 
Solana has generated over $2.54 million worth of fees during the past 24 hours, surpassing Ethereum’s $2.07 million on Oct. 28 — making Solana the fifth-largest fee-generating protocol in the crypto space, <a data-ct-non-breakable="null" href="https://defillama.com/fees" rel="nofollow noopener" target="_blank" text="null" title="https://defillama.com/fees">according</a> to DefiLlama data.
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 <img alt="Solana flips Ethereum in daily fees, surpasses $2.5M in 24 hours" src="https://s3.cointelegraph.com/uploads/2024-10/0192d2ff-e16d-74eb-9964-ac0f300e11dd" title="">
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 Protocols by 24-hour fees. Source: DefiLlama
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Solana’s soaring fees are correlated with growing trading activity on its leading <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-are-decentralized-exchanges-and-how-do-dexs-work" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/what-are-decentralized-exchanges-and-how-do-dexs-work">decentralized exchange (DEX)</a>, Raydium, which generated over $3.41 million worth of fees on the Solana blockchain during the past 24 hours.
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 <img alt="Solana flips Ethereum in daily fees, surpasses $2.5M in 24 hours" src="https://s3.cointelegraph.com/uploads/2024-10/0192d300-3500-7f5e-82f8-471f50122a1c" title="">
 <figcaption style="text-align: center;">
 Solana protocols by 24-hour fees. Source: DefiLlama
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Solana is often <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/do-ethereum-killers-have-a-future-here-s-what-the-crypto-community-says" rel="" target="_self" text="null" title="https://cointelegraph.com/news/do-ethereum-killers-have-a-future-here-s-what-the-crypto-community-says">referred to as an “Ethereum killer</a>” for its monolithic scaling approach, which aims to enhance transaction throughput and reduce fees without relying on <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/a-beginners-guide-on-blockchain-layer-2-scaling-solutions" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/a-beginners-guide-on-blockchain-layer-2-scaling-solutions">layer 2 (L2</a>) blockchains. In contrast, Ethereum’s fragmented structure depends on L2 solutions to achieve scalability, which some critics argue disperses value away from the Ethereum mainnet to side chains.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ether-price-subdued-l1-wars-analyst" rel="null" target="null" text="null" title="null">Ether price in 7-month decline amid ‘L1 wars,’ says analyst</a>
<h2 id="ethereum-nears-135-million-in-30-day-fees-leading-solana">Ethereum nears $135 million in 30-day fees, leading Solana</h2>
Despite Solana’s recent growth, its transaction fees still fall short of Ethereum’s over a longer time frame.
Looking at the past 30 days, Ethereum generated nearly $134.6 million in transaction fees, cementing its position as the leading blockchain and third-largest protocol by fees.
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 <img alt="Fees, Ethereum Classic, Ethereum 2.0, Solana" src="https://s3.cointelegraph.com/uploads/2024-10/0192d317-ff3f-74f3-accb-0c1354e539fe" title="">
 <figcaption style="text-align: center;">
 Protocols by 30-day fees. Source: DefiLlama
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In the same period, Solana generated $61.3 million in monthly fees, or about 45% of Ethereum’s 30-day total, DefiLlama data shows.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-s-odds-near-67-as-polymarket-whale-bets-another-2-m" rel="null" target="null" text="null" title="null">Trump election odds near 67% as Polymarket whale bets another $2M</a>
<h2 id="degen-memecoin-trading-drives-47-of-solana-s-monthly-fees">“Degen” memecoin trading drives 47% of Solana’s monthly fees</h2>
Nearly half of Solana’s monthly revenue came from activities related to memecoins.
More than 47% of Solana’s monthly revenue was driven by transactions on the memecoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-pumpfun-a-guide-to-solanas-memecoin-generator" rel="null" target="null" text="null" title="null">launchpad Pump.fun</a>, which contributed approximately $29.5 million of Solana’s $61.7 million in fees over the past month.
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 <img alt="Fees, Ethereum Classic, Ethereum 2.0, Solana" src="https://s3.cointelegraph.com/uploads/2024-10/0192d319-21e2-7f93-a881-ba0e244af82a" title="">
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 Pump.fun, monthly fees. Source: DefiLlama
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Interest in Solana-based memecoins surged earlier this year. By March, new memecoins attracted more than $100 million in Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/solana-price-index">SOL</a>) investments. Crypto researchers warned of an overheated memecoin market hitting “<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-memecoin-presales-hit-peak-degeneracy-over-one-hundred-million" rel="null" target="null" text="null" title="null">peak degeneracy</a>” two months after the launch of Pump.fun.
However, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/memecoins-pump-fun-99-percent-fail-launch" rel="null" target="null" text="null" title="null">98.6% of memecoins</a> on Pump.fun never make it to Raydium, underscoring the risks of memecoin trading.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/3ac-three-arrowz-capitel-edgelord-memecoin-fat-girlfriend-asia-express/" rel="null" target="null" text="null" title="null">Edgelord version of 3AC’s big fat bet on memecoin supercycle: Asia Express</a>

Solana flips Ethereum in daily fees, surpasses $2.5M in 24 hours

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