In the past day, Solana has significantly surpassed Ethereum and Tron in transaction fee revenue, collecting $2.06 million in fees.
Solana's Transaction Fee Growth
According to DeFiLlama, Solana ranks ninth in cumulative revenue fees, ahead of Ethereum and Tron. Leading projects in fee generation include USTD, USDC, PancakeSwap (CAKE), Pump.Fun, and Meteora. Tron ranks 11th with $1.68 million in fees, while Ethereum trails with $761,307 in revenue.
Factors Behind Solana's Dominance
Analysts suggest that Solana's dominance is driven by high network demand, leading to increased transaction volumes. Users are shifting from Ethereum to Solana due to lower gas fees and higher throughput. Congestion may have also introduced 'priority fees,' significantly increasing overall revenue.
Current Price and Market Situation
Despite the significant rise in Solana's revenue, its market value has not stabilized above the $200 level in recent weeks. As of this writing, the SOL price was $172.84, a 2.54% increase in the last 24 hours, although trading volume is down by 27.07% at $3.49 billion.
In summary, Solana continues to demonstrate its dominance in transaction fee revenue on the crypto market, despite market value fluctuations.
