Ethereum
Solana will reverse Ethereum in transaction fees starting this week
Once nicknamed the “Ethereum Killer,” the Solana network is set to surpass the popular blockchain network in transaction fees as early as this week. Indeed, Blockworks’ senior research analyst Dan Smith discussed the potential turnaround looming on the horizon.
Such a development would return Solana to its once-heralded position as the network most likely to dethrone Ethereum. Persistent outage problems had called the network’s crowning glory into question. However, his performance throughout 2024 gives hope that he will live up to those expectations.
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Solana returns Ethereum to costs as it remains strong in 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 booming coins. Indeed, the industry’s coin mania has been driven by Solana-based newcomers like Dog Hat (WIF) and Book of Meme (BOME).
This performance has allowed the network to become the market leader in terms of monthly DEX volume. Additionally, Solana could be on the verge of toppling Ethereum again, this time in transaction fees, which will happen as soon as this week.
Specifically, Blockworks researcher Dan Smith predicted that Solana would reverse Ethereum in both “transaction fees” and “transaction fees.” [and] captured MEV this month,” while noting that it could happen this week. Captured MEVs are profits captured through arbitrage trading.
Solana will return Ethereum in transaction fees + MEV captured this month, maybe even this week
-Dan Smith (@smyyguy) May 7, 2024
Read also: Solana: Here’s When SOL Can Reclaim Its All-Time High of $250
According to Smith, Solana’s total economic value 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 closeness of the two network races clearly continues to smooth out.
Conversely, the daily transaction fee battle is still clearly being led by Ethereum. The network generated more than $2.75 million in the last 24 hours, surpassing Solana’s $1.49 million, according to DeFiLlama.
Solana has once again proven itself throughout this year. Its native token has also performed well, with the asset increasing by over 20% in the last seven days alone. Indeed, Solana (SOL) and its network are expected to continue their positive performance throughout the year.