Tier 1 blockchain Solana has again recorded record network revenue after hitting an all-time high on Oct. 22, according to Blockworks Research.
On Oct. 23, Solana generated about $8.7 million in economic value from network activity, up from just under $8 million the day before, Blockworks data #ANALYSIS manager Dan Smith said in a post on Platform X.
That figure takes into account all revenue sources, including base fees, priority fees and tips, among others, according to Blockworks Research.
Solana ($SOL
) has become a serious competitor to Ethereum, and the SOL token has outperformed $ETH
by about 600% since 2023.
The total blocked value (TVL) on Solana has grown from less than $250 million in early 2023 to more than $6.8 billion as of Oct. 24, according to DefiLlama.
In July, Solana surpassed Ethereum in weekly total fees for the first time, recording about $25 million in weekly revenue versus Ethereum's $21 million, according to Blockworks Research.
Solana's ascent was fueled by the frenzy of celebrity coin trading, which was mainly conducted on Solana-based meme platforms such as Pump.fun and Moonshot.
Meanwhile, SOL is considered next in line after Bitcoin and Ethereum, whose spot exchange-traded fund (ETF) could be launched in the United States.
On October 21, Solana-based decentralized exchange Raydium (RAY) overtook the Ethereum network in terms of 24-hour revenue.
Raydium recorded $3.4 million in commission revenue for the day versus Ethereum's $3.35 million, according to DefiLlama data on the protocols' daily commission revenue.
Ethereum is still recovering from a sharp drop in revenue after a March update to the Dencun network cut transaction fees by about 95%.
The Ethereum network is on track to generate up to $66 billion in annual free cash flow by 2030, Matthew Siegel, head of digital asset research at VanEck, said in September.
“Ethereum handled about $4 trillion in settlement over the last year and another $5 trillion in stablecoin transfers annually. So it's much bigger than PayPal and is starting to approach networks like Visa,” Siegel said.