Outside Source
Solana’s surging fees are correlated with growing trading activity on the network’s leading decentralized exchange, Raydium.
News
Solana has surpassed Ethereum in daily network fee generation, indicating growing user activity on the world’s third-largest blockchain.
Solana has generated over $2.54 million worth of fees during the past 24 hours, surpassing Ethereum’s $2.07 million on Oct. 28 — making Solana the fifth-largest fee-generating protocol in the crypto space, according to DefiLlama data.
Protocols by 24-hour fees. Source: DefiLlama
Solana’s soaring fees are correlated with growing trading activity on its leading decentralized exchange (DEX), Raydium, which generated over $3.41 million worth of fees on the Solana blockchain during the past 24 hours.
Solana protocols by 24-hour fees. Source: DefiLlama
Solana is often referred to as an “Ethereum killer” for its monolithic scaling approach, which aims to enhance transaction throughput and reduce fees without relying on layer 2 (L2) blockchains.
In contrast, Ethereum’s fragmented structure depends on L2 solutions to achieve scalability, which some critics argue disperses value away from the Ethereum mainnet to side chains.
Related: Ether price in 7-month decline amid ‘L1 wars,’ says analyst
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
