On October 21, according to analysis from DefiLlama, the decentralized exchange (DEX) Raydium surpassed the Ethereum network in revenue within 24 hours.
Raydium, hosted on-chain on the Solana blockchain, recorded $3.4 million in protocol fee revenue for the day, compared to Ethereum's $3.35 million, according to data from DefiLlama on daily protocol fee revenue.
Ethereum is still recovering from a sharp decline in revenue due to the Dencun upgrade in March, which reduced transaction fees by around 95%.
Ethereum still outperforms other Blockchain networks like Solana, but occasionally loses to protocols like Raydium.
Source: DeFiLlama
Raydium is the most popular and most liquid DEX on Solana, with a total value locked of around $1.8 billion, according to data from DefiLlama.
Solana generated $2.67 million in revenue on October 21, slightly behind Ethereum's income for the same period, the data shows.
On July 29, the Solana-based meme coin creation tool Pump.fun surpassed Ethereum in 24-hour revenue, according to data from DefiLlama.
This was not the first time Pump.fun's revenue exceeded Ethereum.
On June 30, the 24-hour revenue of the meme coin platform reached an ATH of nearly $2 million, slightly exceeding Ethereum's $1.91 million for the same period.
Source: VanEck
Since its launch in 2015, Ethereum has generated $3 billion in transaction fees (priced in Ether), said Matthew Sigel, head of digital assets research at VanEck, in September.
Other ETH value capture mechanisms include "burning" - or permanently removing from circulation - a portion of transaction fees and issuing new ETH to reward stakers, those who stake ETH as collateral to secure the network.
Sigel expects the Ethereum network to generate up to $66 billion in free cash flow annually by 2030, driving the ETH price to $22,000 per Token.
His forecast is based on the expected value accrual to ETH holders as Ethereum processes an ever-increasing share of the world's transactions.
"Ethereum has processed around $4 trillion in payment volume over the past year and an additional $5 trillion in stablecoin transactions annually. This is far greater than PayPal and is approaching networks like Visa," Sigel said.
