Layer-1 blockchain Solana once again clocked record-breaking network revenues after previously hitting an all-time high on Oct. 22, according to data from Blockworks Research.
On Oct. 23, Solana generated some $8.7 million in economic value from network activity, up from just under $8 million one day prior, Blockworks’ data analytics manager, Dan Smith, said in a post on the X platform.
That figure accounts for all revenue sources, including base fees, priority fees, and tips, among others, according to Blockworks Research.
Source: Blockworks Research
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Solana (SOL) has emerged as a serious challenger to Ethereum, with the SOL token outperforming Ether (ETH) by some 600% since 2023.
Total value locked (TVL) on Solana surged from less than $250 million at the start of 2023 to more than $6.8 billion as of Oct. 24, according to data from DefiLlama.
In July, Solana surpassed Ethereum in weekly total fees for the first time, clocking approximately $25 million in weekly revenue versus Ethereum’s $21 million, according to Blockworks Research.
Solana’s ascent has been aided by a frenzy of celebrity coin trading hosted largely on Solana-based memecoin platforms such as Pump.fun and Moonshot.
Meanwhile, SOL is considered to be next in line after Bitcoin (BTC) and ETH for inclusion in exchange-traded funds (ETFs) in the United States.
Solana TVL and fees. Source: DefiLlama
On Oct. 21, Solana-based decentralized exchange Raydium beat the Ethereum network in 24-hour revenue.
Raydium clocked $3.4 million in fee revenue during the day versus $3.35 million for Ethereum, according to data from DefiLlama on daily revenue from protocol fees.
Ethereum is still recovering from a sharp dropoff in revenue after the network’s March Dencun upgrade cut transaction fees by approximately 95%.
The Ethereum network is on track to generate up to $66 billion in annual free cash flow by 2030, Matthew Sigel, VanEck’s head of digital asset research, said in September.
“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,” Sigel said.
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