Solana’s Surpasses Ethereum in Weekly Transaction Fees for the First Time – In the week of July 22, the Solana blockchain achieved a historic milestone by surpassing Ethereum in weekly transaction fees for the first time. According to data from Blockworks, Solana recorded approximately $25 million in transaction fees, while Ethereum reached around $21 million during the same period.
This achievement underscores Solana’s growth and competitiveness in the cryptocurrency market. During this remarkable week, Solana also hit daily transaction fees of approximately $5.5 million, the highest value recorded in the past three months.
The data, which includes all validator activities on Solana and maximum extractable value (MEV) tips, were analyzed by Dan Smith, a senior research analyst at Blockworks. According to Smith, 58% of the value came from MEV tips, while 37% originated from priority transaction fees, with the bulk of activity driven by spot DEX trading.
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Solana Surpasses Ethereum
This is not the first time Solana has stood out compared to Ethereum. On May 12, Solana’s memecoin network outperformed Ethereum in total economic value (TEV) for a single day, amassing over $2.2 million compared to Ethereum’s $1.97 million.
Despite these achievements, Ethereum still leads in total value locked (TVL), with over $58 billion, compared to Solana’s $5.5 billion. However, it’s worth noting that Solana’s TVL grew by 25.68% in the past month, while Ethereum’s TVL decreased by 1.77% over the same period.
SOL Token Price and Market Value
Solana’s performance in the cryptocurrency market goes beyond transaction fees. The price of SOL, Solana’s native token, has been steadily increasing, surpassing the $185 mark and trading at $186.72 at the time of writing. This price growth has pushed Solana’s market value to over $86.73 billion, making SOL the fourth-largest cryptocurrency by market capitalization, surpassing BNB.
Future Outlook for Solana
Optimism surrounding SOL is bolstered by potential approvals for Solana’s spot ETFs, attracting institutional investor interest. Analysts are speculating about SOL’s future price, with many predicting a new bull run. One user on the X platform commented that Solana is ready for the next rally, while another noted that the coin broke its $186 resistance, indicating a new resistance level at $192.
With these advancements, Solana continues to establish itself as a significant force in the cryptocurrency market, challenging Ethereum’s dominance and capturing increasing investor attention.
The recent achievement of surpassing Ethereum in weekly transaction fees marks a pivotal moment in cryptocurrency history. With consistent growth in SOL’s price and an increasing total value locked, Solana demonstrates its potential to become an even stronger contender in the market. Institutional investor attention and speculation about new bull runs point to a promising future for the SOL network.
