Solana turns into Ethereum killer
Solana has surpassed Ethereum in daily network fees, indicating a surge in user activity on the third-largest blockchain globally.
DefiLlama statistics show that Solana generated over $2.54 million in fees in the past day, greater than Ethereum’s $2.07 million on October 28. In the cryptocurrency market, Solana is the fifth-largest fee-generating protocol.
Even with its recent growth, Solana’s transaction fees are still less expensive than Ethereum’s over the long run.
In the past 30 days, Ethereum has generated around $134.6 million in transaction fees, securing its position as the leading blockchain and third-largest protocol in terms of fees.
The sharply rising costs are associated with increased trading activity on Raydium, Solana’s leading decentralized exchange (DEX). Raydium produced about $3.41 million in fees on the Solana blockchain, during the last day
Solana’s monolithic scaling approach, which aims to boost transaction volume and reduce costs without relying on Layer 2 (L2) blockchains, has become called an “Ethereum killer.”
However, some detractors argue that because Ethereum relies on L2 solutions to achieve scalability, its sharded structure transfers the value of the Ethereum mainnet to side chains.
About $29.5 million of Solana’s $61.7 million in fees over the previous month came from transactions on meme coin launchpad Pump. fun, which accounted for more than 47% of Solana’s monthly revenue.
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