According to Cointelegraph, on Oct. 21, decentralized exchange (DEX) Raydium outperformed the Ethereum network in 24-hour revenue, as reported by DefiLlama. Raydium, hosted on the Solana blockchain, generated $3.4 million in fee revenue, surpassing Ethereum's $3.35 million for the same period.

Ethereum is still in recovery mode following a significant drop in revenue after the network's March Dencun upgrade, which reduced transaction fees by approximately 95%. Despite this, Ethereum continues to outperform other blockchain networks like Solana but occasionally falls behind protocols such as Raydium.

Raydium is the most popular and liquid DEX on Solana, boasting approximately $1.8 billion in total value locked (TVL), according to DefiLlama. On Oct. 21, Solana generated $2.67 million in revenues, slightly trailing Ethereum's earnings for the same period.

In previous instances, Solana's memecoin creation tool Pump.fun also surpassed Ethereum in 24-hour revenue. On July 29, Pump.fun exceeded Ethereum's revenue, and on June 30, it reached an all-time high of nearly $2 million, surpassing Ethereum's $1.91 million for the same period.

Since its launch in 2015, Ethereum has generated $3 billion in transaction fees, denominated in Ether (ETH), according to Matthew Sigel, VanEck’s head of digital asset research. Other value accrual mechanisms for Ether include burning a portion of transaction fees and emitting new ETH to reward stakers who post ETH as collateral to secure the network.

Sigel anticipates that the Ethereum network could generate up to $66 billion in annual free cash flow by 2030, potentially driving the price of ETH as high as $22,000 per token. His estimate is based on the expected value accrual to ETH holders as Ethereum processes an increasing portion of global transactions. Sigel noted that Ethereum processed roughly $4 trillion in settlement value over the past year and another $5 trillion in stablecoin transfers annually, positioning it as a significant player in the financial ecosystem.