Solana beats Ethereum in terms of transaction revenue

The self-proclaimed Ethereum killer shows his fighting spirit: Solana beats the second-largest crypto currency on several fronts.

For the first time, Solana has surpassed Ethereum in terms of weekly revenue. According to data from Blockworks Research, founder Anatoly Yakovenko's blockchain pulled in about $25 million last week, while Ethereum stuck at $21 million.

And there's more: on July 28, Solana generated about $5.5 million, the highest daily revenue in the past three months. According to Helium Labs CEO, Mert Mumtaz, that's more than what Ethereum, Arbitrum and Base could bring in combined.

The reason for the rise is probably the Memecoin craze of recent months, but Solana's simple design and accessibility also play a role. Solana also outperforms the second-largest cryptocurrency in terms of market capitalization in terms of price. SOL grew by about 621 percent last year, while ETH has to make do with "only" 78 percent growth. Despite Solana's success, Ethereum still leads when it comes to Total Value Locked (TVL). According to data from DefiLlama comes to Vitalik Buterin's network at about $60 billion, while Solana remains at "only" $5.5 billion.