On July 28, Solana topped $5.5 million in daily total fees, the highest for the network in three months. The week also marked the first time that Solana topped Ethereum in weekly total fees. The former netted approximately $25 million in revenue versus Ethereum’s $21 million, according to Blockworks Research.
The Solana asset has been a standout performer over the last couple of years, recording a prominent uptick. Market experts have labeled Solana as a top competitor to Ethereum and other top cryptocurrencies. The two tokens are often compared, but SOL has never beaten Ether in weekly total fees. However, an ongoing frenzy of celebrity coin trading and a boom for Solana-based memecoins have sent the token flying in 2024.
According to data from DeFiLlama, Total value locked (TVL) on Solana has soared to around $5.5 billion. This is a more than three times increase since the start of 2024. At press time, SOL is trading at $186.56, rising 31.69% this month.
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After the arrival of Bitcoin and Ethereum ETFs this year, the entire crypto market is anxiously awaiting what asset could be next. To this point, two tokens have emerged as favorites. Both Ripple and Solana have garnered interesting support for the prospect, but the latter appears to be the favorite.
Upon the potential arrival of Solana ETFs, the competition between SOL and Ethereum will certainly grow more. Ethereum ETFs have performed well after one week of availability. With Solana’s top performance in 2024, it is possible that we may see SOL ETFs come within the next calendar year, competing with Bitcoin and Ether.