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    Solana again clocks record-breaking fee revenue

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    Blockchain network Solana is achieving record-breaking profits, with earnings reaching $8.7 million on October 23, an increase from the previous day’s $8 million, as revealed by Blockworks Research. Solana’s digital token, SOL, outperformed Ethereum’s token by a margin of 600% since 2023, with the total value locked on Solana surging to $6.8 billion. Furthermore, Solana surpassed Ethereum in weekly total fees in July, raking in $25 million compared to Ethereum’s $21 million. The network earns from various sources including base fees, priority fees, and tips.

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    Solana, a blockchain network, is making big moves by hitting record-breaking profits again, after reaching a previous record high on October 22. This info comes straight from Blockworks Research.

    On October 23, Solana made a cool $8.7 million in profits through various activities on the network, which is an increase from just under $8 million the day before. Dan Smith, the data analytics manager at Blockworks, shared these deets in a post on the X platform.

    This amount includes every possible source of revenue, like base fees, priority fees, tips, and a few other things.

    Solana’s digital token (SOL) is giving Ethereum a run for its money, with SOL performing 600% better than Ethereum’s token (ETH) since 2023. The total value locked (TVL) on Solana rocketed from under $250 million in early 2023 to a whopping $6.8 billion on October 24, according to numbers from DefiLlama.

    In fact, in July, Solana actually beat Ethereum in weekly total fees for the first time ever, making about $25 million in weekly profit compared to Ethereum’s $21 million. Solana’s growth has been boosted by loads of celebrities trading coins, mostly on Solana-based platforms like Pump.fun and Moonshot.

    Next in the queue, after Bitcoin and ETH, SOL looks set to be included in exchange-traded funds (ETFs) in the US.

    In more recent events, on October 21, Solana-based decentralized exchange Raydium beat the Ethereum network in terms of 24-hour profits. Raydium made $3.4 million in fee profits in a day, slightly more than Ethereum’s $3.35 million, according to info from DefiLlama.

    The Ethereum network is still bouncing back from a major dip in profits after its March Dencun upgrade slashed transaction fees by about 95%. Ethereum is predicted to make up to $66 billion in annual free cash flow by 2030, according to VanEck’s head of digital asset research, Matthew Sigel.

    Source: Cointelegraph

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