Solana Has Flipped Ethereum 🚨

For years, there’s been talk about Solana “flipping” Ethereum.

Well, last week, Solana did exactly that at least when we look at fee revenue.

While the "flipping" is typically related to market cap, and Ethereum is still ~4x bigger than Solana, the recent development shouldn't be underestimated.

Let's take a closer look at what has happened. Last week, Solana outpaced Ethereum in fees collected. Here are the exact statistics:

👉 Solana: $23.97M

👉 Ethereum: $23.83M

To provide some more context, here’s what the last 30 days look like:

👉 Solana: $70.33M

👉 Ethereum: $138.65M

So, we’re seeing a trend that’s hard to ignore.

Solana’s usage and fees are rising rapidly, making it the second-largest L1 by fee revenue.

Meanwhile, Ethereum’s activity is moving over to its Layer 2 solutions. This shift from L1 to L2 means we might see Ethereum’s fee dominance continue to decline.

So, where does Ethereum stand now?

Currently, Ethereum collects about $3M daily, which annualizes to roughly $1B—30% lower than the outlook just months ago. While Ethereum remains a powerhouse, it may not reach that $1B mark again in the near future.

Solana has achieved what many thought unlikely: flipping Ethereum, at least in one key metric.

$SOL $ETH