Solana Beats Ethereum in Weekly Total Payments for the First Time – Research
Layer-1 blockchain Solana surpassed rival Ethereum for the first time in weekly total payouts in the week of July 22, earning nearly $25 million compared to Ethereum's $21 million, according to Blockworks Research.
The so-called “Ethereum killer” has been on a tear for 2024, aided by the ongoing celebrity coin trading frenzy being hosted on Solana-based memecoin platforms such as Pump.fun and Moonshot. Memecoins now exceeds $50 billion in total market capitalization.
Related: Pump.fun Flips Ethereum in 24-Hour Earnings – DefiLlama
Total locked-in value (TVL) at Solana has risen to $5.5 billion, more than tripling since the start of 2024, according to data from Defillama. In the year On July 28, Solana added $5.5 million in total daily payments, the highest for the network in three months, according to Blockworks Research.
The total payment data includes all types of income for Solana validators, including tips and maximum extractable value (MEV), Blockworks data analytics manager Dan Smith said in a post on X. % of previous transaction fees.
“Solana's verifiers and stakeholders are absolutely eating up this cycle,” Smith said.
According to 21.co's Dune analysis page, Solana (SOL) shareholders have received over $32 million in awards and are currently closing in on approximately 7% yield. In comparison, Ether (ETH) is yielding 3.3% APR, according to StakingRewards.com.
Ethereum remains the undisputed leader in TVL, currently worth nearly $60 billion, according to Defillama. It also supports the largest number of protocols at 1,135, according to Defillama.
The recent launch of celebrity coins on the Solana blockchain has resulted in significant losses for holders, with most token values falling by more than 99%, cryptocurrency analyst Slorg said in an X post.
Even the “best performing” celebrity coins are down more than 70%, Slorg said.
“Exactly half have shrunk over 99%, 7 others have shrunk over 90%. Mind you, this is only about a month into their life.”
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