In this article. Solana surpassed Ethereum in total weekly transaction fees for the first time ever.
Solana earned $25 million, while #BTC earned $21 million.
The memecoin network hit a three-month high yesterday, recording $5.5 million per transaction.
According to Blockworks, for the week of July 22, #Solana surpassed Ethereum in total weekly transaction fees for the first time ever. Solana earned about $25 million, while Ethereum earned about $21 million.
The Solana daily transactions also totaled about $5.5 million, the highest in the past three months. The data collected included all of Solana's validators, including the Maximum Extractable Value (MEV) chip.
According to Dan Smith, a senior analyst at Blockworks, 58% of the value was derived from MEV chips and 37% from privileged transaction fees. Dan noted that the majority of this amount came from spot transactions on DEX.
May 12, the memecoin network also overtook Ethereum in terms of total economic value (TEV) for the first time in a single day; TEV is the sum of transaction fees plus MEV. Solana raised over $2.2 million, while Ethereum raised just over $1.97 million.
Ethereum still leads in total blockchain value (TVL) with over $58 billion, compared to Solana's $5.5 billion; DefiLlama data shows that Solana's current TVL has increased by 25.68% over the past month. However, Ethereum's value has declined by 1.77% over the past month.
the past few weeks, the price of #SOL has been steadily rising and has already crossed the US$185 mark. At the time of writing, the coin was trading at $186.72, up more than 1.0% in a single day. The price of SOL has also increased by 2.1% over the past seven days and nearly 32% over the past month.
The SOL price movement has impacted its market value, which has reached over US$86.73 billion.
analysts speculated how the SOL price could change in the coming days.
Read us at: Compass Investments
