Blockworks Research data shows that Solana created about $8.7 million in economic value through network activity, higher than the previous day's slightly less than $8 million.
Blockworks Research data shows that the Layer 1 blockchain Solana has once again set a record for network revenue after hitting an all-time high on October 22.
In a
post on the X platform, Blockworks data analyst Dan Smith said that on October 23, Solana created about $8.7 million in economic value through network activity, higher than the previous day's less than $8 million.
According to Blockworks Research data, this figure covers all revenue sources, including base fees, priority fees, and tips.
Source: Blockworks Research
According to
data from defillama, the total locked value (TVL) on Solana has soared from less than $250 million at the beginning of 2023 to over $6.8 billion as of October 24.
According to Blockworks Research data, in July, Solana's weekly total fees surpassed Ethereum for the first time, with its weekly revenue of around $25 million, while Ethereum's weekly revenue was $21 million.
Solana's rise is attributed to the craze for celebrity coin transactions, which are mainly carried out on Solana-based memecoin platforms such as Pump.fun and Moonshot.
Meanwhile,
SOL is considered the next
to be included in exchange-traded funds (ETFs) in the United States after Bitcoin and Ethereum.
Solana TVL and fees. Source: defillama
On October 21, the Solana-based decentralized exchange Raydium beat the Ethereum network in 24-hour revenue.
According to
data from defillama on protocol fee daily revenue, Raydium's fee revenue for the day was $3.4 million, while Ethereum's fee revenue was $3.35 million.
After the Dencun upgrade on the network in March, which reduced transaction fees by about 95%, Ethereum is still recovering from the sharp drop in revenue.
VanEck's digital asset research head Matthew Sigel said in September that by 2030, the Ethereum network is expected to generate up to $66 billion in free cash flow per year.
"Ethereum processed around $4 trillion in settlement value last year, and its stablecoin transfer value also reached $5 trillion per year. Therefore, Ethereum's scale far exceeds PayPal and is starting to approach networks like Visa," Sigel said.
