The Solana blockchain has just reached a historic milestone by surpassing Ethereum on certain indicators. This remarkable performance comes at a time of intense activity on the network, particularly thanks to the rise of memecoins.
Record revenue for Sol
For the first time in its history, Solana has surpassed Ethereum in terms of weekly revenue generated. According to Blockworks Research, SOL raked in approximately $25 million the week of July 22, compared to $21 million for ETH.
This performance is mainly explained by the significant increase in transaction fees and tips related to maximum value extraction (MEV).
THE data reveal that 58% of revenue comes from MEV tips, while 37% comes from priority transaction fees. The sustained activity of decentralized exchanges (DEX) is identified as the main driver of this growth.
Dan Smith, an analyst at Blockworks, points out that ” Solana validators and stakers benefit significantly from this cycle crypto ».
On July 28, the network even reached a historic peak of $5.5 million in daily revenue, its highest level in three months.
Memecoin effect boosts Solana ecosystem
The memecoin frenzy on Solana is largely responsible for this impressive revenue surge. Platforms like Pump.fun and Moonshot catalyzed a wave of intense trading, propelling network activity to unprecedented levels. This trend, started by tokens like Bonk, has spread to a multitude of celebrity-inspired meme coins.
However, this trend comes with risks. Analyst Slorg notes that “even the best-performing celebrity memecoins have fallen by more than 70% within a month of launch.”
Despite these fluctuations, the Solana crypto has demonstrated remarkable resilience. The price of SOL has increased by more than 4% over seven days, demonstrating continued investor interest.
In short, while Ethereum maintains its dominance with nearly $60 billion in total value locked (TVL), compared to Solana's $5.5 billion, the gap is narrowing.
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