Solana Overtakes Ethereum in Weekly Earnings During Memecoin Craze
Solana has surpassed Ethereum in weekly total fees for the first time, with the week of July 22 seeing Solana generate approximately $25 million compared to Ethereum’s $21 million. This data encompasses all revenue forms for Solana validators, including tips and maximum extractable value (MEV).
According to Blockworks data analytics manager Dan Smith, 58% of Solana’s fee revenue originated from MEV tips, while 37% came from priority transaction fees. Smith noted that “Solana validators and stakers are absolutely benefiting from this cycle.”
The increase in Solana’s revenue is primarily attributed to the surge in celebrity coin trading on Solana-based memecoin platforms like Pump.fun and Moonshot. Memecoins, now exceeding a total market capitalization of $50 billion, have significantly contributed to Solana’s recent expansion.
Solana’s total value locked (TVL) has surged to around $5.5 billion, more than tripling since the start of 2024. On July 28, Solana registered daily total fees surpassing $5.5 million, the highest figure for the network in three months.
Additionally, stakers on the network have garnered cumulative rewards exceeding $32 million, currently enjoying yields of approximately 7%. In comparison, Ethereum stakers are earning an annual percentage rate (APR) of 3.3%. Despite this, Ethereum maintains its dominance in terms of TVL, nearing $60 billion.
In summary, Solana’s recent financial success, fueled by the rise of memecoins and celebrity coin trading, has propelled it ahead of Ethereum in weekly revenue. The network’s significant growth in total value locked and daily fees underscores its increasing prominence in the cryptocurrency landscape.
