According to Cointelegraph, on October 21, the decentralized exchange Raydium surpassed Ethereum in 24-hour revenue. According to DefiLlama data, Raydium's fee revenue that day was $3.4 million, while Ethereum's was $3.35 million.

Since the Dencun upgrade in March, Ethereum's transaction fees have decreased by about 95%, and revenue is still recovering. Nevertheless, Ethereum remains ahead of other blockchain networks, such as Solana, although it occasionally falls behind protocols like Raydium.

Raydium is the most popular and liquid DEX on Solana, with a total locked value of approximately $1.8 billion. On October 21, Solana's revenue was $2.67 million, slightly lower than Ethereum's revenue.

On July 29, Solana's meme coin creation tool Pump.fun surpassed Ethereum in 24-hour revenue. This is not the first time Pump.fun's revenue has exceeded that of Ethereum. On June 30, Pump.fun's 24-hour revenue reached a record nearly $2 million, slightly higher than Ethereum's $1.91 million.

Since its launch in 2015, Ethereum has generated $3 billion in transaction fees. VanEck's head of digital asset research, Matthew Sigel, expects that by 2030, the annual free cash flow of the Ethereum network will reach $66 billion, pushing the spot price of ETH up to $22,000 each.