Solana's Sol/USD On October 24th, the network's real economic value reached an all-time high, with transaction fees and maximum extractable value (MEV) chips totaling $11,089,500.
what happened: This milestone was completed by Solana. Ethereum ETH/USDhas surpassed it in transaction fees and MEV chips since October. This is a notable change that highlights the network's growth in both user engagement and transaction volume, according to the company. Block Works Research.
Much of this increase was due to the popularity of meme coins on Solana, which drove significant trading activity on the platform.
Data from Whale Hunter revealed that the Solana Telegram Bot alone had a trading volume of $211 million on October 24, with meme coin Trojan leading the way with $93.7 million. .
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This record-breaking trading activity highlights Solana's competitiveness in terms of scalability and low fees, and signals the growing demand for decentralized finance (DeFi) on the company's blockchain.
Experts say Solana's ability to process large volumes with relatively low fees is attracting a diverse range of users, especially in the fast-growing DeFi and meme coin space.
As Solana's network efficiency continues to attract decentralized applications, its economic model becomes increasingly attractive to investors and developers, increasing its position against established competitors like Ethereum.
The implications of Solana's transaction fees and economic value growth will be further explored at Benzinga's Future of Digital Assets event on November 19th.
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