Solana surpasses all other L1 and L2 chains in 24-hour network revenue

On-chain data showed that Solana generated more 24-hour network revenue than all other L1 and L2 chains combined. On May 13, Solana generated over $7.9 million, followed by Ethereum with around $2.5 million, and Bitcoin generated roughly $647,900 during the same period.

The digital asset outperformed the combined total of all other major blockchains, with over $50 million in weekly revenue from decentralized applications. Solana’s weekly revenue dominated the market with a 51.6% share, more than three times Ethereum’s at 14.2%.

Solana outshines other L1 and L2 chains in 24-hour network revenue

On-chain data showed that Solana’s 24-hour network revenue outshone Ethereum by 3x, Bitcoin by 11x, and Base by 35x. Ethereum had $2.5 million in 24-hour revenue, Bitcoin recorded $647,900, while Base generated roughly $273,700.

Data from DappRadar also revealed that SOL’s weekly dApp trading volume reached $1.61 billion, with its weekly transactions also hitting 138 million. Solana’s meme coin market cap also jumped to over $14 billion. 

Price action in SOL, the network’s native coin, touched $180 on Monday before plummeting to around $171, reflecting profit-taking rather than a reversal in trend. At the time of publication, SOL is exchanging hands around $173.3, a 5.42% decrease in the last 24 hours and a 15.19% jump in the last 7 days. 

The price briefly touched $184.86 on Wednesday, marking a 25% gain in May, but couldn’t hold and pulled back again. SOL’s price swing on May 14 was attributed to a high-profile announcement by NASDAQ-listed firm DeFi Development, confirming the acquisition of 172,670 SOL worth approximately $24 million.

The company’s move pushed its Solana holdings to 595,988 SOL, valued at roughly $100 million at the time of publication. The firm said it plans to double down on its strategy to acquire Solana as a long-term strategic reserve asset.

The digital asset’s 24-hour trading volume dropped by 21.22% to $4.13B. Crypto’s fifth-largest player also saw a decrease in its market cap by 5.34% to reach $90.16 billion.

Despite the price pulling back, confidence in Solana remains high. The digital asset’s open interest rose to $6.92 billion, the highest level since January, indicating that traders are betting on further gains.

Crypto analyst Ali Martinez revealed that wallets holding at least 0.1 SOL have grown to around 11.04 million over the past two weeks, showing growing adoption and confidence.

U.S. SEC delays Solana ETF decision

The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on a proposed spot Solana exchange-traded fund (ETF) after the initial 90-day period to make a decision expired this week. According to a May 13 filing by the agency, the SEC rescheduled its decision on listing Grayscale’s spot Solana Trust ETF on the New York Stock Exchange (NYSE) to October 2025.

The regulator has also opened a public consultation to analyze the fund’s merits to get approved for listing. Polymarket wagers revealed that the odds of a Solana ETF being approved this year currently sit at 82%. 

Other virtual assets like XRP and Litecoin await the SEC’s approval. Bloomberg Intelligence analyst James Seyffart acknowledged on May 5 that the SEC also delayed its ruling on Canary Capital’s Litecoin ETF.

Spot ETFs are considered key drivers of liquidity and institutional adoption for cryptocurrencies. Bitcoin’s U.S. spot ETFs accounted for approximately 75% of new investment after launching, which helped BTC recapture the $50K mark in February 2024, a month after the ETFs debuted for trading.

Ryan Lee, chief analyst at Bitget Research, mentioned that a Solana ETF could increase SOL’s institutional adoption in the long term by offering investors a “regulated investment vehicle” that may still attract billions of dollars in capital.

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