Solana again clocks record-breaking fee revenue
Layer-1 blockchain Solana once again clocked record-breaking network revenues after previously hitting an all-time high on Oct. 22, according to data from Blockworks Research.
On Oct. 23, Solana generated some $8.7 million in economic value from network activity, up from just under $8 million one day prior, Blockworks’ data analytics manager, Dan Smith, said in a post on the X platform.
That figure accounts for all revenue sources, including base fees, priority fees, and tips, among others, according to Blockworks Research.
Source: Blockworks Research
Related: The real flippening? Solana price hits new record high against Ethereum
Solana ( SOL ) has emerged as a serious challenger to Ethereum, with the SOL token outperforming Ether ( ETH ) by some 600% since 2023.
Total value locked (TVL) on Solana surged from less than $250 million at the start of 2023 to more than $6.8 billion as of Oct. 24, according to data from DefiLlama.
In July, Solana surpassed Ethereum in weekly total fees for the first time, clocking approximately $25 million in weekly revenue versus Ethereum’s $21 million, according to Blockworks Research.
Solana’s ascent has been aided by a frenzy of celebrity coin trading hosted largely on Solana-based memecoin platforms such as Pump.fun and Moonshot.
Meanwhile, SOL is considered to be next in line after Bitcoin ( BTC ) and ETH for inclusion in exchange-traded funds (ETFs) in the United States.
Solana TVL and fees. Source: DefiLlama
On Oct. 21, Solana-based decentralized exchange Raydium beat the Ethereum network in 24-hour revenue.
Raydium clocked $3.4 million in fee revenue during the day versus $3.35 million for Ethereum, according to data from DefiLlama on daily revenue from protocol fees.
Ethereum is still recovering from a sharp dropoff in revenue after the network’s March Dencun upgrade cut transaction fees by approximately 95%.
The Ethereum network is on track to generate up to $66 billion in annual free cash flow by 2030, Matthew Sigel, VanEck’s head of digital asset research, said in September.
“Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually. So this is far bigger than PayPal and is beginning to approach networks like Visa,” Sigel said.
Magazine: Crypto lawyers — Did Telegram’s Pavel Durov commit a crime?
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.
You may also like
Research Report | Detailed Analysis of the Bombie Project & BOMB Market Value Analysis

Ripple CEO Slams Sen. Lummis After Canceled Talks – $5B Circle Bid Looms
As Ripple pressures lawmakers and courts potential acquisition targets, the intersection of policy influence and corporate strategy is becoming central to the future of stablecoins.

SEC Chair Grilled Over Trump Meme Coin and Justin Sun’s $75M Ties – Is Crypto Regulation About to Shift?
As the SEC enters a new chapter under Chair Paul Atkins, questions over political entanglements and high-profile crypto personalities indicate growing concerns about transparency and regulatory consistency.

Bancor Launches Historic Patent War Against Uniswap – Could This $40B DEX Battle Redefine DeFi IP Rights?
Bancor is challenging the open-source ethos that has long defined DeFi, raising high-stakes questions about innovation, ownership, and the future of intellectual property in permissionless finance.

Trending news
MoreCrypto prices
More








