Solana Surpasses Ethereum in Weekly Total Fees, Celebrity Coin Trading Drives Revenue

Solana has outpaced Ethereum in weekly total fees for the first time during the week of July 22, generating around $25 million in revenue compared to Ethereum's $21 million.

Solana has overtaken Ethereum in weekly total fees for the first time, generating an estimated $25 million in revenue during the week of July 22. This surge is primarily attributed to a wave of celebrity coin trading on Solana-based memecoin platforms.

According to Blockworks data, 58% of Solana's fee revenue stemmed from maximum extractable value (MEV) tips, while 37% was derived from priority transaction fees. In comparison, Ethereum generated around $21 million in total fees during the same period.

"Solana validators and stakers are absolutely eating this cycle," said Dan Smith, Blockworks data analytics manager.

Solana's total value locked (TVL) has also experienced a surge, reaching approximately $5.5 billion, which is over triple the amount recorded at the start of 2024. On July 28, Solana recorded daily total fees of over $5.5 million, marking the highest level for the network in three months.

Moreover, stakers on the Solana network have earned cumulative rewards exceeding $32 million and are currently enjoying yields of around 7%. This contrasts sharply with Ethereum stakers, who are earning an annual percentage rate (APR) of 3.3%.

Despite Solana's strong performance in terms of fees and staker rewards, Ethereum still holds the dominant position in the broader DeFi market, with a TVL of nearly $60 billion.

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