Ethereum

Solana

DeFi

Optimism

While Solana has received inflows from other blockchains, a large portion of that value made it back to Ethereum, according to Michael Nadeau, founder of The DeFi Report.&nbsp;
In an X post, Nadeau <a data-ct-non-breakable="null" href="https://x.com/JustDeauIt/status/1851687059880128626" rel="null" target="null" text="null" title="null">said</a> that Solana needs to pull total value locked (TVL) from Ethereum and layer-2 networks. He wrote:&nbsp;
<blockquote>
 “[...] But the only thing that really matters for Solana is pulling TVL from Ethereum (and the L2s). Why? That’s where all the value sits today. Is it happening? Not really.”
</blockquote>
Citing data from crypto data platform Artemis, Nadeau highlighted that year-to-date (YTD), Solana lost about $55 million in TVL to Base, Optimism and Arbitrum.&nbsp;
<figure>
 <img alt="Ethereum reclaims 42% outflows from Solana — DeFi Report" src="https://s3.cointelegraph.com/uploads/2024-10/0192e184-c09b-7db6-bb29-1e268d9c620f" title="">
 <figcaption style="text-align: center;">
 Top 15 net flows Source: Artemis
 </figcaption>
</figure>
<h2 id="over-1-billion-flowed-back-to-ethereum">Over $1 billion flowed back to Ethereum</h2>
Nadeau said that Solana saw $2.36 billion in inflows from Ethereum in its YTD chart. Still, more than $1 billion flowed back to Ethereum, representing 42% of the total.&nbsp;
He added that the flow to Solana from Ethereum YTD was “modest,” accounting for only 2.7% of the blockchain’s TVL.&nbsp;
At the time of writing, data provider DefiLlama <a data-ct-non-breakable="null" href="https://defillama.com/chain/Ethereum" rel="null" target="null" text="null" title="null">shows</a> that Ethereum has more than $50 billion in TVL.&nbsp;
Nadeau said that while Ethereum has had $6 billion in net outflows YTD, 83% of this went to layer-2 chains that are still within the ecosystem.&nbsp;
He said these assets will continue to drive value to layer 1, as most of the value that left the chain is being used within its ecosystem.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-price-hits-3-month-high-as-data-hints-at-sol-rally-above-200" rel="null" target="null" text="null" title="null">Solana price hits 3-month high as data hints at SOL rally above $200</a>
<h2 id="solana-flips-ethereum-in-blockchain-fees">Solana flips Ethereum in blockchain fees</h2>
Meanwhile, Solana <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-flips-ethereum-for-5th-blockchain-by-fees-surpasses-2-5-m-in-24-hours" rel="null" target="null" text="null" title="null">flipped Ethereum in daily fees on Oct. 28</a>. At the time, Solana generated over $2.54 million in fees within 24 hours, surpassing Ethereum’s $2.07 million. This made Solana the fifth-largest fee-generating protocol on that day.&nbsp;
The blockchain’s surge in fees generated was linked to increasing activity in Raydium, a decentralized exchange (DEX) and automated market maker built on Solana.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/off-the-grid-gunzilla-games-gaming-crypto-tokens-catizen-web3-gamer/" rel="null" target="null" text="null" title="null">Off The Grid is plagued by cheaters: Web3 Gamer</a>

Ethereum reclaims 42% outflows from Solana — DeFi Report

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