Published on juli 30, 2024, 12:27 am
Image source: Fox News
```json [ "Solana reached over $5.5 million in daily fees, surpassing Ethereum.", "Solana's TVL has grown to $5.5 billion, reflecting increasing popularity.", "58% of Solana validators' fee revenue comes from MEV tips.", "Solana stakers earned over $32 million in rewards with a 7% yield, higher than Ethereum's 3.3%.", "While Solana faces volatility with celeb coins, it offers an alternative to Ethereum in the crypto space." ] ```
On July 28, Solana achieved a milestone by reaching over $5.5 million in daily total fees, marking its highest point in the last three months. This Layer-1 blockchain has made history by surpassing Ethereum in weekly total fees during the week of July 22, raking in approximately $25 million compared to Ethereum’s $21 million, as reported by Blockworks Research.
Solana, often dubbed the “Ethereum killer,” has been gaining significant traction in 2024. This surge can be attributed to the growing trend of celebrity coin trading on Solana-based memecoin platforms like Pump.fun and Moonshot, leading memecoins to amass a total market capitalization exceeding $50 billion.
The Total Value Locked (TVL) on Solana has soared to around $5.5 billion, more than tripling since the beginning of 2024 according to data from DefiLlama. The considerable growth reflects Solana’s increasing popularity and utility within the crypto space.
In terms of fee revenue distribution for Solana validators, data shows that 58% comes from Maximum Extractable Value (MEV) tips and 37% from priority transaction fees as highlighted by Blockworks Research. This success has led to substantial rewards for Solana (SOL) stakers who have earned cumulative rewards exceeding $32 million and are currently enjoying yields of roughly 7%. Comparatively, Ether (ETH) yields around 3.3% APR according to StakingRewards.com.
Although Ethereum maintains its stronghold with a TVL close to $60 billion and hosting over 1,100 protocols, Solana’s rise is unquestionable. However, recent launches of celebrity coins on the Solana blockchain resulted in significant losses for holders with token values plummeting by over 99%, showcasing the volatility within the cryptocurrency market.
Despite some setbacks faced by celeb coins on Solana, it remains an intriguing alternative for investors looking beyond Ethereum’s dominance in the crypto sphere. The future trajectory of these networks will undoubtedly shape the evolving landscape of decentralized finance (DeFi).
Original article posted by Fox News
