Solana Dominance in Transaction Fees

Solana (SOL), often referred to as the “Ethereum killer,” has achieved notable dominance over Ethereum (ETH) and Tron (TRX) in transaction fees, accumulating $2.06 million in the last 24 hours.

Surge in Transaction Fees

According to data from DeFiLlama, Solana ranks ninth in cumulative revenue fees, outperforming both Ethereum and Tron. The fee-generating platforms ahead of SOL include USTD, USDC, PancakeSwap (CAKE), Pump.Fun, and Meteora, among others, such as Jito, Uniswap, and Lido.

Tron, in eleventh place, earned $1.68 million in the same timeframe, while Ethereum lagged far behind in seventeenth place with fees of only $761,307. In the past week, SOL generated $19.03 million in fees and $193.02 million over the last month.

Conversely, Ethereum’s gas fees amounted to $8.85 million in the last week and $74.13 million monthly, while Tron generated $11.93 million in the past week and $51.06 million over thirty days.

Factors Behind Solana’s Dominance

Analysts suggest that Solana’s dominance may stem from high network demand, leading to increased transaction volumes. Users are migrating from Ethereum to Solana due to lower gas fees and higher throughput.

The congestion on the Ethereum network has also forced users to prioritize fees, which could have led to a considerable increase in overall revenue for Solana.

Despite the rise in SOL’s revenue, its market value has struggled to remain above the $200 mark over the past two weeks. As of now, SOL is trading at $172.84, reflecting a 2.54% increase in the last 24 hours, but with trading volume down 27.07% at $3.49 billion.