Solana Surpasses Ethereum Weekly Fee Revenue for the First Time Ever

Solana has overtaken Ethereum for the first time as the blockchain network with the highest single-week fee revenue for the week of 22-28 July.Solana generated around $25 million in revenue for the week, slightly ahead of Ethereum's $21 million.

Solana was trading at $185.80 at press time, according to CryptoSlate, and despite reaching a high of $193.80 earlier in the day, it remained steady amid broader market declines. The network posted its highest one-day revenue in three months on 28 July, at $5.5 million.

Dan Smith, an analyst at Blockworks, noted that total fee revenue for Solana verifiers includes both tips and maximum extractable value (MEV). He detailed that 58% of fee revenue comes from MEV tips, while 37% comes from preferred transaction fees.

Despite Solana's significant progress in revenue and user engagement, Ethereum still leads in total locked-in value (TVL), which, at nearly $60 billion, is roughly 10 times that of Solana, according to DefiLlama.