Solana has surpassed Ethereum in daily network fees, marking a surge in user activity on the world’s third-largest blockchain.
According to DefiLlama statistics, Solana has generated more than $2.54 million in fees in the past day, surpassing Ethereum’s $2.07 million on October 28th. In the cryptocurrency market, Solana is the fifth largest fee-generating protocol.
Despite recent growth, Solana’s transaction fees are still cheaper than Ethereum in the long run.
Over the past 30 days, Ethereum has generated approximately $134.6 million in transaction fees, securing its position as the major blockchain and third-largest protocol in terms of fees.
The sharp increase in costs is related to increased trading activity on Solana’s main decentralized exchange (DEX), Raydium. Raydium generated approximately $3.41 million in fees on the Solana blockchain during the last day
Solana’s monolithic scaling approach, which aims to increase transaction volume and reduce costs without relying on Layer 2 (L2) blockchains, has become known as the “Ethereum killer.”
However, some critics argue that because Ethereum relies on L2 solutions to achieve scalability, its shard structure transfers the value of the Ethereum mainnet to sidechains.
Of Solana’s $61.7 million in fees last month, about $29.5 million came from transactions on meme coin Launchpad Pump. Fun accounted for over 47% of Solana’s monthly income.
