Can Solana Overtake Ethereum by 2024? Important Data Indicates…
Solana, a prominent player in the crypto market, has been making significant strides recently. The total value locked in Solana has surged by 25%, accompanied by remarkable growth in transaction revenue and MEV tips, outpacing even Ethereum.
Just a couple of days back, Solana made headlines by surpassing Binance Coin in market cap, with its market cap reaching $85 billion while BNB declined to $83 billion, according to CoinMarketCap.
Solana’s growth trajectory is further evidenced by its increased trading volume, decentralized exchanges (DEXes), and its ability to exceed Ethereum in fees and MEV. The recent surge in Solana’s decentralized exchange trading volume to a record $2 billion highlights its growing dominance, outpacing both Ethereum and Binance.
Moreover, Solana has been striving to outperform Ethereum in crucial metrics such as total fees and MEV. On a weekly basis, Solana’s transactional fees amounted to $25 million, surpassing Ethereum’s $21 million during the same period.
Renowned crypto analyst Dan Smith pointed out the milestone Solana achieved by surpassing Ethereum in total transaction fees and MEV tips, emphasizing the substantial success Solana validators and stakers are experiencing during the current cycle.
Solana’s revenue has mainly stemmed from spot DEX trading, with a significant portion coming from MEV tips and fees. In the past 24 hours alone, Solana generated 58% of its revenue from MEV tips and 37% from fees, resulting in a substantial $5.5 million in revenue, the highest in the last two months.
Additionally, Solana’s staking rewards have seen a notable increase, raking in $32 million compared to Ethereum’s meager 3%, showcasing a significant difference in returns between the two platforms.
Although Solana has demonstrated impressive growth in revenue and MEV tips, it still lags behind Ethereum in total value locked. Despite this, Solana’s Total Economic Value surpasses Ethereum’s, positioning Solana as a formidable contender to potentially dethrone Ethereum as the leading platform in the crypto space.
The recent developments in Solana’s performance underscore its potential to emerge as a true ‘Ethereum killer’ in the coming years.
