According to data from DeFiLlama, Raydium, a decentralized exchange (DEX) on the Solana blockchain, generated more 24-hour fee revenue than Ethereum on October 21. For the same period, Ethereum saw $3.35 million in fees, while Raydium outpaced it with $3.4 million in fees generated.
After the network’s March “Dencun” upgrade cut transaction costs by 95 per cent, Ethereum has been recovering from a massive drop in fee revenue. Even so, Ethereum remains dominant over most of the blockchains such as Solana and frequently lags more focused protocols such as Raydium.
Ethereum Faces Growing Solana Competition
Yet Raydium is Solana’s leading DEX, with nearly a convex $1.8 billion in TVL, according per Data DeFiLlama. ETH revenues generated on the same day came out to $2.67 million, while Solana itself earned $2.67 million in revenues.
It’s not the first time a platform built on Solana has pulled ahead of ETH in terms of revenue. Pump.fun surpassed ETH 24 hour revenue on July 29 and on 30 June 30 set record high of nearly $2 million beating ETH $1.91 million during that period.
Since being launched in 2015, ETH has accrued $3 billion in transaction fees, Matthew Sigel, head of digital asset research at VanEck, told CoinDesk. ETH could pump anywhere between $66 billion in annual free cash flow by 2030 and prices could even rise to $22,000 per token as the number of transactions on the blockchain continue to rise, Sigel predicts.
ETH also served $4 trillion in settlement value and $5 trillion in stablecoin transfers a year, said Sigel, making it a large player in the financial ecosystem, on par with Visa.
