Solana’s recent network activity has propelled it into the spotlight, generating record-breaking revenues and gaining traction across the blockchain ecosystem.
With innovative protocols and high transaction volumes, Solana is challenging Ethereum’s dominance, especially in revenue generation. Here’s how Solana is breaking new ground and Raydium’s impressive role in this achievement.
Solana’s Record-Breaking Revenue Milestone
On 23 October, Solana achieved a new peak in network revenue, reaching $8.7 million, as activity surged across its decentralised finance (DeFi) and non-fungible token (NFT) sectors.
This milestone reflects Solana’s scalability and appeal for developers and users alike, drawing a steady flow of projects from diverse industries.
Solana’s transaction speed and affordability, combined with its rising total value locked (TVL), which now stands at over $6.8 billion, contribute to its increasing influence.
This growth trend, recorded by platforms like DeFiLlama, showcases how Solana is capturing the market share that has traditionally belonged to Ethereum, solidifying its reputation as a competitive alternative for high-value transactions.
In particular, Solana’s structure allows it to support high transaction volumes with significantly lower fees, a factor increasingly relevant for blockchain gaming, DeFi protocols, and large-scale applications.
Studio369’s decision to migrate its mech shooter game MetalCore to Solana highlights the network’s appeal for gaming platforms seeking high-speed, low-cost transactions.
By offering an ecosystem that supports both DeFi and gaming, Solana is rapidly expanding its user base and creating new economic opportunities on its platform, contributing to its record revenue.
Raydium’s Success Surpassing Ethereum
Solana’s growth is further evidenced by Raydium, its leading decentralised exchange (DEX), which recently surpassed Ethereum in daily fee revenue.
On 21 October, Raydium reported $3.4 million in revenue, just over Ethereum’s $3.35 million on the same day.
This development is significant, especially in light of Ethereum’s Dencun upgrade in March, which reduced transaction fees by 95%.
While Ethereum’s upgrade has made it more accessible, it has also impacted its daily revenue generation, occasionally allowing protocols like Raydium on Solana to take the lead.
Raydium’s success is a testament to Solana’s ability to provide efficient and accessible blockchain services, particularly for decentralised exchanges, which benefit from the network’s high speed and low transaction fees.
Raydium has become a key player on Solana, managing approximately $1.8 billion in total value locked, a clear indication of the confidence placed in the platform by the DeFi community.
This milestone is not unprecedented; earlier in 2024, Solana-based applications such as Pump.fun, a meme-coin creation platform, also briefly overtook Ethereum in daily revenue, further underscoring the network’s strength in specific, high-engagement applications.
Conclusion
As Solana continues to draw developers and projects from diverse sectors, its impact on the blockchain industry grows.
With Solana now setting records in network revenue and competing with Ethereum on multiple fronts, it represents a growing choice for developers seeking both scalability and affordability.
With ongoing developments and increased adoption, Solana’s influence is likely to continue expanding, shaping the competitive landscape in DeFi and beyond.
