Solana has surpassed Ethereum in daily network fee generation, indicating growing user activity on the world’s third-largest blockchain.
Solana has generated over $2.54 million worth of fees during the past 24 hours, surpassing Ethereum’s $2.07 million on Oct. 28 — making Solana the fifth-largest fee-generating protocol in the crypto space, according to DefiLlama data.
Protocols by 24-hour fees. Source: DefiLlama
Solana’s soaring fees are correlated with growing trading activity on its leading decentralized exchange (DEX), Raydium, which generated over $3.41 million worth of fees on the Solana blockchain during the past 24 hours.
Solana protocols by 24-hour fees. Source: DefiLlama
Solana is often referred to as an “Ethereum killer” for its monolithic scaling approach, which aims to enhance transaction throughput and reduce fees without relying on layer 2 (L2) blockchains.
In contrast, Ethereum’s fragmented structure depends on L2 solutions to achieve scalability, which some critics argue disperses value away from the Ethereum mainnet to side chains.
Related: Ether price in 7-month decline amid ‘L1 wars,’ says analyst
This is a developing story, and further information will be added as it becomes available.
