Solana’s surging fees are correlated with growing trading activity on the network’s leading decentralized exchange, Raydium.
Fees news
Ethereum daily fees hover between $1 million to $5 million — far less than the $30 million that was consistently reached throughout 2021 and 2022.
Ethereum price followed the broader crypto market sell-off, but its longer term price weakness is driven by network-specific factors.
Solana-based Raydium clocked $3.4 million in fee revenue on Oct. 21 versus $3.35 million for Ethereum, according to DeFiLlama.
A sharp uptick in Solana network activity and the blockbuster performance from memecoins back SOL’s rally toward $180.
A proposal to change the blob gas target and max values on Ethereum comes seven months after blobs were introduced in the blockchain’s Dencun upgrade in March.
Although Solana’s active address count has climbed to 100 million, most wallets appear to hold little or no SOL.