In October, the Solana network set a new record for transaction fees, surpassing its previous high set this year in March.
Record Solana Fees
Last month, Solana network fees surpassed $69 million, marking a new all-time high after March's $66 million. The highest fee day was October 24, with nearly $5 million.
Other Important Solana Metrics
A high number of transaction fees indicates a significant number of transactions and active addresses. According to Dune, as of October 27, the total active addresses reached 2.68 million. The network's usage is also spurred by the rise of memecoins, with their market cap surging nearly 18% in the last 24 hours, reaching almost $13 billion. The trading volume over the same period exceeded $3.2 billion.
Comparison with Bitcoin and Ethereum Networks
A comparison of network fees among Bitcoin, Ethereum, and Solana shows total Bitcoin fees at $4.15 billion, with $849 million since January. Total Ethereum fees are now $19.6 billion, with $2.09 billion since January. Meanwhile, Solana's total fees amount to $432 million, with $411 million since January. Last month, Bitcoin network fees exceeded $47 million, with a peak of $337 million in December 2023. In October, Ethereum network fees were $142 million, with a high of $1.83 billion recorded in November 2021.
On-chain activity is expected to rise across all blockchains, given the support for cryptocurrencies in the US and abroad.
