Solana surpassed Ethereum in complete charges and MEV suggestions for the primary time in a weekly timeframe since its launch.
Based on Blockworks Analysis, Solana generated roughly $25 million in income in the course of the week of July 22, edging out Ethereum’s $21 million.
SOL was buying and selling at $185.8 as of press time amid the broader market downturn after hitting a excessive of $193.8 earlier within the day, based mostly on CryptoSlate information.
Income breakdown
Blockworks analyst Dan Smith famous that the full payment information contains all types of income for Solana validators, reminiscent of suggestions and most extractable worth (MEV). He elaborated that 58% of the payment income got here from MEV suggestions, whereas 37% was derived from precedence transaction charges.
In the meantime, the community generated $5.5 million in every day income on July 28, the best in three months. These vital milestones spotlight the rising traction and consumer engagement on the Solana community in current months.
Helius Labs CEO Mert Mumtaz highlighted that the community had generated extra income on July 28 than “Ethereum, Arbitrum, and Base mixed” with out together with MEV suggestions.
Nevertheless, he additionally famous that the excessive buying and selling volumes on Solana DEXs weren’t real, with a lot of the quantity linked to “wash buying and selling.”
Regardless of the community’s current achievements, Ethereum stays the chief in complete worth locked (TVL), holding almost $60 billion — greater than 10x greater than Solana’s roughly $5.5 billion, in accordance with DefiLlama.
Memecoin frenzy
The surge in charges for Solana might be attributed to the elevated exercise on its community, notably inside memecoin buying and selling platforms like Pump.enjoyable and Moonshot.
These platforms have been on the forefront of a memecoin buying and selling frenzy that has considerably boosted Solana’s market presence. The convenience of entry and the power for anybody to launch their very own token has led to a dramatic rise in memecoin buying and selling because the finish of 2022.
The pattern started with the rise of tokens like Bonk and has developed right into a tradition of memecoins named after politicians, celebrities, pets, and anything that somebody believes could have “meme-worthiness.”
Regardless of the craze, many of those tokens misplaced most, if not all, of their worth inside a couple of weeks of launch, and plenty of celebrities appear to have subsequently deserted the tasks.
Solana Market Knowledge
On the time of press 10:09 pm UTC on Jul. 29, 2024, Solana is ranked #4 by market cap and the value is up 0.31% over the previous 24 hours. Solana has a market capitalization of $86.33 billion with a 24-hour buying and selling quantity of $3.45 billion. Be taught extra about Solana ›
Crypto Market Abstract
On the time of press 10:09 pm UTC on Jul. 29, 2024, the full crypto market is valued at at $2.41 trillion with a 24-hour quantity of $80.61 billion. Bitcoin dominance is at present at 55.10%. Be taught extra concerning the crypto market ›