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    Solana flips Ethereum in daily fees, surpasses $2.5M in 24 hours

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    Solana’s daily network fees have surpassed those of Ethereum, with the platform collecting over $2.54 million in fees in the past 24 hours compared to Ethereum’s $2.07 million. This makes Solana the fifth largest protocol in daily fees in the crypto world, primarily attributed to increased trading on its top decentralized exchange, Raydium. Solana, which is often considered an “Ethereum killer”, offers faster transactions and lower fees than Ethereum.

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    Solana now collects more daily network fees than Ethereum, showing increased user activity. Over the last 24 hours, Solana gathered over $2.54 million in fees, overtaking Ethereum’s $2.07 million. This makes Solana the fifth largest protocol in terms of daily fees in the crypto world, according to data from DefiLlama.

    The rise in Solana’s fees is due to more trading on Raydium, its top decentralized exchange (DEX). Over the last 24 hours, Raydium has produced over $3.41 million in fees on Solana’s blockchain.

    Often seen as a potential “Ethereum killer”, Solana enhances the speed of transactions and reduces fees. In comparison, Ethereum relies on layer 2 blockchains to scale its features. However, critics say this approach dilutes the value from Ethereum’s main network to its side chains. Stay tuned for more updates as this is a developing story.

    Source: Cointelegraph

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