According to Mars Finance, Solana surpassed Ethereum for the first time in the week from July 22 to 28, becoming the blockchain network with the highest weekly fee revenue. Solana generated approximately $25 million in revenue that week, slightly higher than Ethereum's $21 million.
Solana is trading at $185.8 at press time, according to CryptoSlate, remaining stable amid the broader market decline despite reaching a high of $193.8 earlier in the day. The network recorded its highest daily revenue in three months on July 28, reaching $5.5 million.
Dan Smith, an analyst at Blockworks, pointed out that Solana validators’ total fee income includes tips and maximum extractable value (MEV). He elaborated that 58% of fee income comes from MEV tips, while 37% comes from priority transaction fees.
Despite Solana’s notable gains in revenue and user engagement, Ethereum still leads in total value locked (TVL), with Ethereum’s TVL at nearly $60 billion, roughly 10 times that of Solana, according to DefiLlama.
