Solana once again clocked record-breaking fee income.
Layer-1 blockchain Solana previously posted record-breaking network revenues after reaching an all-time high on October 22.
On Oct. 23, Solana generated $8.7 million in economic value from network activity, down from $8 million the day before, according to Dan Smith, data analytics manager at Blockworks, in a post on the X forum.
That figure includes all sources of income, including base payments, advance payments and tips and more, according to Blockwork Research.
Source: Blockworks Research
Solana (SOL) has emerged as a serious competitor to Ethereum, outperforming Ether (ETH) by 600% since 2023.
From less than $250 million in early 2023, the total value (TVL) locked in at Solana has increased to more than $6.8 billion as of Oct. 24, according to data from Defilama.
In July, Solana surpassed Ethereum for the first time in total weekly payouts, tying weekly earnings of about $25 million to Ethereum's $21 million, according to Blockworks Research.
Solana's rise has been aided by the celebrity coin trading craze hosted on Solana-based memecoin platforms such as Pump.fun and Moonshot.
Meanwhile, SOL is considered next in line to Bitcoin (BTC) and ETH for inclusion in exchange-traded funds (ETFs) in the United States.
Solana TVL and fees. Source: Defillama
On October 21, Solana-based decentralized exchange Radium beat the Ethereum network in 24-hour earnings.
During the day, Radium reported $3.4 million in payment revenue, compared to $3.35 million for Ethereum, according to data from Defilama.
Ethereum is still recovering from a revenue slump after the network's March Denkun update cut transaction fees by 95%.
The Ethereum network is on track to generate up to $66 billion in annual free cash flow by 2030, Matthew Siegel, head of digital asset research at VanCake, announced in September.
“Ethereum transferred nearly $4 trillion in settlement value last year and another $5 trillion in stablecoins annually. So this is much more than PayPal and it's starting to approach networks like Visa,” Siegel said.
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