Nansen CEO, Alex Svanevik recently shared a post on his X handle, noting that Solana’s gas fee has exceeded Ethereum’s gas fee in the last 7 days. Solana has managed to accumulate around $32.2 million in fees as compared to Ethereum’s $25.5 million.
This data from Nansen Analytics shows a shift in the blockchain ecosystem where Solana is seen as the potential alternative to Ethereum because of its high performance and increased usage on the Solana blockchain.
The possible reasons behind the rise in total gas fees on the Solana blockchain in the last 7 days include an increase in transaction volume and increased use of Solana as a primary smart contract blockchain network.
Trading for memecoin has also recently increased on platforms like Pump.fun which has increased transaction volume and hence contributed to the spike in total gas fee collected.
Also, some decentralized exchanges (DEX) like Raydium have seen an increase in their usage which may also contribute to the rise in total gas fees on the Solana blockchain.
According to the Nansen Data, Solana’s total transaction count is around 718.65 Million in the last seven days, which is around 87 times more than the total transactions recorded on Ethereum.
This increased transaction count also increases network congestion and transaction failures which leads to high gas fees sometimes.
