Raydium surpasses Ethereum in daily fee revenue
On October 21, Raydium (CRYPTO:RAY), a decentralised exchange (DEX) built on the Solana (CRYPTO:SOL) blockchain, outpaced the Ethereum (CRYPTO:ETH) network in 24-hour revenue generation.
According to DeFiLlama, Raydium earned $3.4 million in protocol fees, slightly surpassing Ethereum’s $3.35 million for the same period.
Raydium is currently the leading DEX on Solana, with a total value locked (TVL) of approximately $1.8 billion.
The surge in Raydium’s revenue highlights its growing influence and liquidity within the Solana ecosystem.
In contrast, Ethereum is still recovering from a significant decline in revenue caused by its March Dencun upgrade, which reduced transaction fees by roughly 95%.
Despite these fluctuations, Ethereum remains ahead of other blockchain networks in overall fee revenue.
However, this is not the first time a Solana-based protocol has outperformed Ethereum.
On July 29, the Solana memecoin creation platform Pump.fun generated higher 24-hour revenue than Ethereum.
Pump.fun achieved similar success on June 30, when it reached an all-time high of nearly $2 million in daily fees.
Since its launch in 2015, Ethereum has accumulated $3 billion in transaction fees denominated in Ether (ETH).
In addition to generating revenue from fees, Ethereum also burns a portion of these fees and rewards stakers who help secure the network.
Matthew Sigel, head of digital asset research at VanEck, projects that the Ethereum network could generate up to $66 billion in annual free cash flow by 2030, potentially pushing ETH prices to as high as $22,000 per token.
Sigel's estimate is based on Ethereum's expanding role in processing global transactions.
“Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually,” Sigel noted, comparing Ethereum's network size to traditional financial giants like PayPal and Visa.
At the time of writing, the Raydium price was $2.58, and the Ethereum price was $2,619.18.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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