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Solana has emerged as a strong competitor to Ethereum in the blockchain space, surpassing Ethereum in weekly total fees for the first time.
Celebrity Coin Trading Surge
Solana’s rise has been driven by a surge in celebrity coin trading, particularly on memecoin platforms such as pump.fun and Moonshot, leading to a total market capitalization of memecoins over $50 billion.
The network’s total value locked (TVL) has soared to around $5.5 billion, with daily total fees reaching $5.5 million.
Fee Revenue Breakdown
- Solana’s total fee revenue includes tips and maximum extractable value (MEV), with MEV tips contributing 58% of the fee revenue and priority transaction fees accounting for 37%.
Despite Solana’s progress, Ethereum remains the leader in TVL and hosts the largest number of protocols.
Solana’s success has also seen significant market volatility, particularly with the launch of celebrity coins on its blockchain, leading to substantial losses for holders.
This has raised questions about the sustainability and regulation of such ventures in the long run.
📎 Read the original article on cointelegraph.com
