On October 21, decentralized exchange (DEX) Raydium surpassed the Ethereum network in 24-hour revenue, according to DefiLlama.
According to DefiLlama’s data on daily revenue from protocol fees, Raydium, hosted on the Solana blockchain, had $3.4 million in fee revenue for the day, compared to Ethereum’s $3.35 million.
Ethereum is still recovering from a sharp drop in revenue after the network's March Dencun upgrade slashed transaction fees by about 95%.
While Ethereum still outperforms other blockchain networks such as Solana, it regularly lags behind protocols such as Radium.
Related: Pump.fun upends Ethereum with 24-hour revenue generation — DefiLlama
According to data from DefiLlama, Raydium is the most popular and liquid DEX on Solana, with a total value locked (TVL) of approximately $1.8 billion.
According to the data, Solana had revenue of $2.67 million on October 21st, slightly lagging behind Ethereum's revenue during the same period.
On July 29, Solana meme coin creation tool Pump.fun surpassed Ethereum in 24-hour revenue, according to data from DefiLlama.
This isn't the first time Pump.fun's revenue has exceeded Ethereum's.
On June 30th, the memecoin platform's 24-hour revenue reached an all-time high of approximately $2 million, slightly surpassing Ethereum's $1.91 million during the same period.
Matthew Siegel, head of digital asset research at VanEck, said in September that Ethereum has generated $3 billion in transaction fees (denominated in ether) since its launch in 2015.
Other Ether (ETH) value generation mechanisms include “burning” (permanently removing from circulation) a portion of transaction fees and creating a new ETH that rewards stakers who pledge ETH as collateral to secure the network. Includes emissions.
Siegel expects the Ethereum network to generate up to $66 billion in free cash flow annually by 2030, driving the price of spot ETH to $22,000 per token.
His estimate is based on the value that is expected to accrue to ETH holders as Ethereum processes an increasing portion of the world's transactions.
“Ethereum processed around $4 trillion in payment volume last year and an additional $5 trillion in stablecoin transfers annually. So this is much bigger than PayPal and is starting to approach networks like Visa. “We're working hard,” Siegel said.
