As a researcher who has been closely observing the cryptocurrency landscape for the past few years, I must admit that the recent performance of Solana is nothing short of impressive. The network’s ability to consistently break its own revenue records is a testament to its growing popularity and the faith investors have in it.
On October 22, the Layer-1 blockchain Solana recorded another remarkable surge in network earnings, as indicated by data from Blockworks Research, surpassing its previous peak.
According to a post made by Dan Smith, Data Analytics Manager at Blockworks, on October 23rd, the Solana network created approximately $8.7 million in economic value from its activities, which represents an increase compared to the $7.9 million generated the previous day. This information was shared on the X platform.
As a researcher, I can confirm that the graph encompasses all income streams, such as basic charges, priority fees, and gratuities, among other earnings, based on my findings from Blockworks Research.
Related: The real flippening? Solana price hits new record high against Ethereum
Since 2023, Solana’s token, SOL, has shown strong competition against Ethereum’s ETH, surpassing it by approximately 600%. In other words, the value of SOL has significantly outpaced that of Ether over this period.
As a crypto investor, I’ve witnessed an incredible surge in the Total Value Locked (TVL) on Solana this year. Starting from barely $250 million at the beginning of 2023, it has now soared past $6.8 billion, as per the latest data from DefiLlama, dated October 24. This growth is truly remarkable and underscores the potential of Solana in the decentralized finance (DeFi) space.
For the initial time in July, Solana outperformed Ethereum in weekly transaction fees, earning around $25 million compared to Ethereum’s $21 million, as reported by Blockworks Research.
The rise of Solana has been significantly boosted by the surge in celebrity-backed cryptocurrency transactions, predominantly occurring on memecoin platforms built on Solana like Pump.fun and Moonshot.
Currently, SOL is being viewed as a strong contender following Bitcoin (BTC) and Ethereum (ETH) for potential inclusion in U.S.-based Exchange-Traded Funds (ETFs).
On October 21st, the Solana-based decentralized exchange, Raydium, surpassed the Ethereum network in terms of daily earnings within a 24-hour period.
During the day, Raydium generated approximately $3.4 million in fee income, compared to Ethereum’s $3.35 million, as per data from DefiLlama regarding daily earnings from protocol fees.
After the March Denascan update on the Ethereum network, which reduced transaction fees by around 95%, the platform is currently in the process of regaining its lost income.
According to Matthew Sigel, the head of digital asset research at VanEck, it’s projected that the Ethereum network could potentially produce around $66 billion in annual free cash flow by the year 2030. He made this statement in September.
“Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually. So this is far bigger than PayPal and is beginning to approach networks like Visa,” Sigel said.
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2024-10-24 23:12