Solana surpasses Ethereum in total fees.
Solana hits a 3X year-to-date surge in TVL to $5.5 billion.
Ethereum’s trading struggles post-ETF launch but retains nearly $60 billion in TVL.
CM Academy founder Michaël van de Poppe commented on the intensifying competition between Solana (SOL) and Ethereum (ETH), noting that Ethereum’s underperformance since the launch of the Ether spot ETF has led investors to favor Solana.
The $SOL vs. $ETH saga is getting to extreme levels.Ethereum severely 'underperforming' since the launch of the ETF, pushing investors more towards $SOL.Investors are claiming that $SOL will beat Ethereum.I'm happy with my investments in ETH and I think we'll rotate soon.
— Michaël van de Poppe (@CryptoMichNL) July 30, 2024
Last week, Solana surpassed Ethereum in total fees, amassing revenue from fees totaling $25 million compared to Ethereum’s $21 million. This fee encompasses Solana validator’s revenue sources, such as tips and maximum extractable value (MEV).
Blockworks data analytics manager Dan Smith revealed that MEV tips comprised 58% of Solana’s fee revenue, while 37% came from priority transaction fees. He added that Solana validators and stakers are “benefiting significantly” from this cycle.
Solana’s latest market uptrend is largely driven by the current “celebrity coin” frenzy and growing market capitalization, which exceeded $50 billion as of press time.
Year-to-date (YTD), Solana’s total value locked (TVL) has surged over 3X, reaching $5.5 billion, per insights from DefiLlama. On July 28, SOL’s daily fees totaled over $5.5 million, marking a 3-month high. Moreover, Solana stakers have earned cumulative rewards exceeding $32 million at an annual percentage rate (APR) of 7%, compared to ETH’s APR of 3.3%.
Ethereum has experienced a decline following the launch of Ethereum ETFs, trading at $3,342 per data. However, it remains a dominant player in terms of TVL, standing at nearly $60 billion.
According to analyst Josh of Crypto World, ETH is bouncing from the $3,150 to $3,250 support area. Additional support levels range between $2,800 and $2,950. Resistance is between $3,550 and $3,650, with further resistance between $3,900 and $4,100. The trend and momentum remain relatively neutral as prices oscillate between these levels.
The analyst noted that Ethereum recently faced rejection at the 23.6% Fibonacci level, now acting as resistance around $3,370 to $3,380. He added that a breakout above this range, coupled with sustained candle closes and a potential flip to new support, could trigger a rally.
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