Solana (SOL) outperforms Ethereum (ETH) in these important metrics

Solana has surpassed Ethereum in total transaction fees and maximum minable value (MEV) tips for the first time in a weekly period since its launch.

According to data from Blockworks Research, Solana generated approximately $25 million in revenue during the week of July 22, surpassing Ethereum’s $21 million.

The landmarks of Solana

Blockworks analyst Dan Smith noted this achievement at X, noting that Solana has for the first time surpassed Ethereum in total transaction fees and weekly MEV tips reaching $25 million compared to ETH’s $21 million . He highlighted that Solana’s validators and stakers are benefiting significantly during this cycle.

On July 28, the network also achieved another record, generating $5.5 million in daily revenue, the highest in three months. Smith explained that this data includes all forms of revenue for Solana validators, such as tips and MEV.

According to data from Blockworks Research, 58% of fee income came from MEVs themselves, while 37% was derived from priority transaction fees. Dan added that most of the activity generating this revenue comes from decentralized spot exchange (DEX) trading.

This milestone was further highlighted by Mert Mumtaz, CEO of Helius Labs, who commented in an X post: “Solana just generated more revenue than Ethereum, Arbitrum and Base combined. Good day to be betting with Solana validators. Accelerate.”

In response to this, Dan added that this income came solely from transaction fees, not including tips.

Meanwhile, according to data from DefiLlama, Total Value Locked (TVL) in Solana has soared to $5.5 billion, a more than three-fold increase since the start of 2024. However, Ethereum remains the undisputed leader of TVL, with almost $60 billion and hosts the largest number of protocols with 1,135.

Solana’s income increased with Meme Coin Frenzy

Solana’s increased revenue can be attributed to increased activity on its network, especially through meme coin trading platforms such as Pump.fun and Moonshot. These platforms started a meme coin trading frenzy, greatly increasing Solana’s market presence.

The trend, which started with tokens like Bonk, has since grown into a culture of meme coins named after public figures and celebrities. However, despite the initial hype, many of these tokens quickly lost much of their value shortly after launch, with celebrities abandoning their projects as well.

Cryptocurrency analyst Slorg noted in a thread on X that even the “best performing” celebrity meme coins are down more than 70%, with exactly half over 99% and seven others over 90% within a month of its release.

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