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.
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