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    Raydium beats Ethereum in 24-hour fee revenues

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    On 21 October, decentralized exchange Raydium generated more profits in a day than Ethereum, recording $3.4m in fees compared to Ethereum’s $3.35m. While Ethereum generally surpasses other blockchains, it is still recovering from revenue decreases due to network upgrades reducing transaction fees by almost 95%. Raydium is Solana’s leading DEX, with assets worth around $1.8bn. This was not the first time a Solana platform had overshadowed Ethereum; in July and June, Pump.fun, another Solana entity, also exceeded Ethereum’s daily revenue. Ethereum has generated $3bn in transaction fees since its launch in 2015.

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    On October 21, Raydium, a type of decentralized exchange known as a DEX, made more money in a day than the Ethereum network. According to the tracking site DefiLlama, Raydium brought in $3.4 million through fees that day, barely edging out Ethereum’s $3.35 million.

    Raydium operates on the Solana blockchain and is a significant player and money maker on that platform. Despite Ethereum’s continuous recovery from a major drop in revenue due to network upgrades that cut transaction fees by about 95%, it still generally outranks other blockchain platforms, including Solana. However, occasionally, protocols like Raydium can pull ahead for a bit.

    It’s worth noting that Raydium is Solana’s top and most fluid DEX, with roughly $1.8 billion worth of assets stored or “locked” in it. On the day in question, Solana as a whole generated $2.67 million in revenue — less than both Ethereum and Raydium.

    These aren’t the first times Ethereum’s revenue has been overshadowed. Back on July 29, another Solana entity called Pump.fun, which lets users create their own meme-based cryptocurrencies or “memecoins,” also outearned Ethereum over a 24-hour period. Even earlier, on June 30, Pump.fun set a personal record for 24-hour revenue, making almost $2 million and surpassing Ethereum’s 24-hour sum of $1.91 million.

    To put things in perspective, since its launch in 2015, Ethereum has amassed $3 billion in transaction fees, said Matthew Sigel, VanEck’s head of digital asset research, in September.

    Sigel anticipates Ethereum network to bring in up to $66 billion in free cash flow annually by 2030, potentially pushing the price of the Ether token to as high as $22,000 each. This projection is based on the expectation that Ethereum will handle an increasing share of the world’s transactions. “Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually. So this is far bigger than PayPal and is beginning to approach networks like Visa,” he said.

    Source: Cointelegraph

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