Once dubbed the ‘Ethereum Killer,” the Solana network is poised to surpass the famed blockchain network in transaction fees as soon as this week. Indeed, Blockworks senior research analyst Dan Smith discussed the potential flip that is just on the horizon.
Such a development would return Solana to its once-heralded position as a network most likely to dethrone Ethereum. Ongoing outage issues had called the network crowning into question. However, its performances throughout 2024 provide hope that it will meet those expectations.
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Solana Flip Ethereum in Fees as it Continues Strong 2024
Just five months into the year, Solana has proven to be one of the biggest stories in the digital asset market. In March, it was the home network for a plethora of surging meme coins. Indeed, the industry’s meme coin mania was driven by Solana-based newcomers like Dogwifhat (WIF) and Book of Meme (BOME).
Those performances had seen the network become the market leader in monthly DEX volume. Moreover, Solana could be set to flip Ethereum once again, this time in transaction fees, which will take place as soon as this week.
Specifically, Blockworks researcher Dan Smith predicted Solana would flip Ethereum in both “transaction fees [and] captured MEV this month,” while noting it could happen this week. Captured MEVs are profits that are captured through arbitrage trading.
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According to Smith, Solana’s total economic value has reached $2.8 million as of Tuesday. Alternatively, Ethereum had seen a total economic value of $3.1 million on the same day. Subsequently, the tightness of the two network races is clearly continuing to sort itself out.
Conversely, the daily transaction fee battle is still clearly held by Ethereum. The network generated more than $2.75 million in the last 24 hours, outpacing Solana’s $1.49 million, according to DeFiLlama.
Solana has still proven its worth throughout this year. Its native token has also performed well, with the asset increasing more than 20% over the last seven days alone. Indeed, Solana (SOL) and its network are expected to continue their positive performances throughout the year.