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Solana Surpasses Ethereum in Daily Fees, Reaching $2.5M in 24 Hours

Solana has recently outpaced Ethereum in daily network fees, driven by increasing user activity and trading volume on its leading decentralized exchange (DEX), Raydium. According to DefiLlama, Solana collected over $2.54 million in fees over 24 hours on Oct. 28, surpassing Ethereum’s $2.07 million and positioning itself as the fifth-highest fee-generating network.

The spike in Solana’s fees is closely tied to growing trading volume on Raydium, which alone contributed over $3.41 million in fees within the same period. Often considered an “Ethereum killer,” Solana’s design focuses on high transaction speed and low fees without needing layer-2 (L2) solutions. This contrasts with Ethereum, which relies on L2s to handle scalability and occasionally faces criticism for spreading activity across side chains rather than keeping it on the mainnet.

Summary Review: Solana has overtaken Ethereum in daily network fees, collecting $2.5 million in a day thanks to increased activity on its Raydium DEX. This boost reinforces Solana’s focus on high throughput and low fees without L2 solutions, setting it apart from Ethereum’s scaling approach.

Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.

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