- Solana’s weekly fees outpace Ethereum by $3M since January, driven by meme coin trading and lower transaction costs.
- SOL’s February revenue hits $31.5M, surpassing ETH’s $18.2M, as ETF proposals advance through SEC review stages.
Solana has generated higher transaction fees than Ethereum for five consecutive weeks, according to data from Glassnode. The blockchain’s seven-day average fees exceeded Ethereum’s starting January 9, with a weekly revenue gap remaining above $3 million despite a slight decline in February.
Source: Glassnode
DefiLlama reports Solana earned $31.52 million in February revenue compared to Ethereum’s $18.23 million, following January totals of $124 million and $109 million, respectively.
Source: Glassnode
The trend reflects Solana’s rising adoption , driven partly by frenzied meme coin trading and lower transaction costs. While Ethereum processes fewer transactions at higher fees, Solana’s architecture supports faster throughput, attracting developers and users seeking affordability.
This divergence has influenced market performance: the SOL-ETH price ratio peaked near 0.093 in January before stabilizing around 0.073, per TradingView data. At publication, Solana trades at $197, up 3.5% in 24 hours, while Ethereum rose 1.6% to $2,702.
Institutional Interest in Solana is Growing
Asset manager Franklin Templeton added the blockchain to its $594 million Money Market Fund (FOBXX) this week, enabling tokenized fund transactions. Solana joins Ethereum, Base, Aptos, and Avalanche as supported networks.
The U.S. Securities and Exchange Commission (SEC) advanced review of multiple Solana ETF applications, including proposals from Canary Capital, VanEck, 21Shares, and Bitwise.
Public comments on Canary’s “Solana Trust” will shape the SEC’s decision, marking a potential milestone for SOL’s integration into mainstream finance. ETHNews analysts speculate Solana could follow Bitcoin and Ethereum in securing ETF approval this year, though timelines remain unclear.
The SEC’s shift contrasts with its earlier stance under former Chair Gary Gensler, who prioritized stricter oversight.
Current leadership appears more open to crypto innovation, aligning with broader political and institutional trends. ETF approvals would likely amplify Solana’s liquidity and visibility, bridging decentralized networks with traditional investment channels.
