Key Points
- Solana’s (SOL) transaction fees have surpassed Ethereum’s (ETH) daily totals, indicating increased network activity.
- Despite Solana’s growth, Ethereum remains the leading blockchain in terms of overall market value and locked assets.
The rivalry between Solana (SOL) and Ethereum (ETH) is heating up, especially in the area of transaction fees.
Solana has seen a notable surge in this aspect.
Solana’s Fee Surge
Recent data shows that Solana’s fees have exceeded Ethereum’s daily amounts, mirroring the increasing activity on the Solana network.
However, despite the rise in Solana’s fees and total value locked (TVL) growth, Ethereum still holds the crown in terms of total market value and locked assets.
Over the past week, Solana has seen substantial growth in transaction fees.
DefiLlama’s recent analysis places Solana and its decentralized applications (DApps) above Ethereum in daily fee activity.
Raydium, a major DApp on the Solana network, reported nearly $12 million in fees, making it the second-highest fee-generating platform during this period.
Solana itself generated around $11.3 million in fees.
In comparison, Ethereum recorded approximately $6 million in daily fees, putting it behind Solana.
Ethereum’s fee trend has remained relatively stable over the past week.
Solana, however, has had several fee spikes, reaching a new record high of $11.7 million on November 19th.
Ethereum’s Dominance in TVL
Despite Solana’s progress in transaction fees, Ethereum continues to lead in Total Value Locked (TVL), a significant metric in decentralized finance (DeFi).
Solana’s TVL has risen considerably, reaching $8.4 billion.
This represents a strong rebound for Solana, bringing it nearer to the highs it reached in 2022.
Despite this, Ethereum remains the clear leader in TVL, with an impressive $60 billion locked in its ecosystem.
Solana is currently trading at around $244, showing a 1% increase.
This indicates a solid foundation for its recent upward trend.
On the other hand, Ethereum is trading just above $3,000 with a 2% decrease.
Nonetheless, the cryptocurrency has maintained stability within this price range, with new support appearing to form around $2,900.
