Solana (SOL), popularly known as the “Ethereum killer,” has recorded significant dominance over Ethereum (ETH) and Tron (TRX) in a key metric. In the last 24 hours, Solana has raked in $2.06 million in transaction fees.
Solana sees surge in transaction fees
Data from DeFiLlama shows that Solana’s cumulative revenue fees rank it ninth, ahead of Ethereum and Tron.
USTD, USDC, PancakeSwap (CAKE), Pump.Fun and Meteora are ahead of SOL in fee generation. Others include Jito, Uniswap and Lido.
Tron, which came in at 11th place, could gain $1.68 million in fees in the same time frame. Meanwhile, Ethereum is in a distant 17th place, with total fees gained below one million dollars. ETH’s total revenue in 24 hours came in at just $761,307.
This dominance by Solana over Ethereum and Tron has persisted for some time, as reported earlier. In the last seven days, SOL has raked in $19.03 million in transaction fees and $193.02 million in the last 30 days.
In the last seven days, ETH’s gas fee stood at $8.85 million, and $74.13 million in the last 30 days. TRON generated $11.93 million in revenue in seven days while raking in $51.06 million in 30 days.
What’s fueling Solana’s dominance?
Solana’s dominance, according to analysts, could have been fueled by high network demand, which led to increased transaction volumes. Users shifted from Ethereum in favor of Solana due to the lower gas fee and higher throughput.
In addition to Solana’s lower transaction fees, congestion could have led to “priority fees” on the network, which might have significantly increased overall revenue.
Despite the massive surge in revenue for SOL, the market value has not found stability above the $200 level in the last two weeks.
As of this writing, the SOL price was changing hands at $172.84, a 2.54% increase in the last 24 hours. Solana’s trading volume remains down by 27.07% at $3.49 billion.
