Solana had surpassed Ethereum in daily network fees. According to data from DefiLlama, Solana generated over $2.54 million in fees in the past 24 hours, exceeding Ethereum’s $2.07 million on October 28. This makes Solana the fifth-biggest blockchain by fee revenue in the crypto market.
The boost on Solana is mostly due to high activity on its main decentralized exchange (DEX), Raydium. Raydium alone brought in $3.41 million in fees in just one day.
Solana is often regarded as an “Ethereum killer” due to its monolithic approach to scaling and its ability to maximize transaction throughput while reducing costs without needing layer-2 (L2) scaling solutions.
Ethereum, on the other hand, relies on L2 scaling solutions to manage increased network activity. However, some believe this setup could weaken its main network.
While Solana has made strong gains in daily fees, it still earns less than Ethereum when looking at longer periods. Over the last 30 days, Ethereum earned about $134.6 million in fees, which is nearly double Solana’s $61.3 million.
Almost half of Solana’s recent fees came from trading memecoins on Pump.fun, a platform on Solana that generated around $29.5 million in fees for the network in the past month.
Additionally, this growth has also put stress on the Solana network at times. Earlier this year, a large surge in memecoin trading caused 75% of Solana’s transactions to fail. On April 4, Solana even stopped processing transactions for five hours, showing that it still faces challenges as it grows to meet user demand.
