Solana has significantly strengthened its position by increasing fee volumes and surpassing Bitcoin on a monthly basis.
Solana's Increasing Fee Share
In October, Solana's share of generated network fees reached record levels. This trend is occurring against the backdrop of declining activity on other networks. The market's main focus is on meme tokens and affordable on-chain DeFi based on Solana.
Key Factors Driving Fee Growth
Leading decentralized applications like Raydium, Jupiter DEX, and Pump.fun remain major traffic sources on Solana. In October, the network surpassed Bitcoin due to the latter's decreased activity. The largest fees come from applications and validators, supporting Solana's economy.
Prospects and Challenges for Solana
Solana continues to expand its DeFi sector due to liquidity inflow. The newly launched cbBTC asset by Coinbase may enhance network liquidity. However, the network still operates at a loss in terms of operational activity. Despite current challenges, Solana holds potential for token price surge.
Solana shows significant progress in increasing fees, surpassing Bitcoin and drawing attention to its economic model, despite existing challenges and losses.
