Solana (SOL) continues to see record network revenue, after hitting an all-time high on October 22, according to data from Blockworks Research.

On October 23, Solana generated about $8.7 million in economic value from activities on the network, up significantly from less than $8 million the day before, according to Dan Smith, data analytics manager at Blockworks, on the X platform.

This revenue includes everything from base fees and priority fees to tips and other fees, according to Blockworks Research.

Source: Blockworks Research

Solana (SOL) has emerged as a formidable rival to Ethereum, with SOL outperforming ETH by around 600% since the start of 2023.

Total value locked (TVL) on Solana has grown from under $250 million at the start of 2023 to over $6.905 billion as of October 25, according to data from DefiLlama.

In July, Solana surpassed Ethereum in total weekly fees for the first time, recording about $25 million in weekly revenue compared to Ethereum’s $21 million, according to a report from Blockworks Research.

Solana's growth was largely fueled by celebrity meme craze, which primarily took place on Solana-based instant memecoin creation platforms like Pump.fun and Moonshot.

Currently, SOL is considered the next candidate after Bitcoin and Ethereum to be included in ETFs in the United States.

Solana TVL and Fees | Source: DefiLlama

Notably, on October 21, Solana-based decentralized exchange Raydium surpassed the Ethereum network in 24-hour revenue. Raydium recorded $3.4 million in fee revenue on the day, compared to Ethereum’s $3.35 million, according to DefiLlama’s data on daily protocol fee revenue.

Ethereum is still recovering from a sharp drop in revenue, as the Dencun upgrade in March helped cut transaction fees by up to 95%.

By 2030, the Ethereum network is expected to generate up to $66 billion in annual free cash flow, according to Matthew Sigel, head of digital asset research at VanEck.

“Over the past year, Ethereum has processed around $4 trillion in payments and an additional $5 trillion in stablecoin transfers annually. As such, the network has far surpassed PayPal in size and is approaching networks like Visa,” Sigel said.

Source: https://tapchibitcoin.io/solana-lai-ghi-nhan-doanh-thu-phi-ky-luc-vuot-mat-ethereum.html