Solana Topples Ethereum in Weekly Fees, Surpasses $5.5 Billion in TVL

Solana has been making waves in the crypto market, and its recent performance is a testament to its growing popularity. According to Blockworks Research, on July 28, Solana topped $5.5 million in daily total fees, a significant milestone for the network. What’s more, this marks the first time Solana has surpassed Ethereum in weekly total fees.

Over the past couple of years, Solana has been a standout performer, with a prominent uptick in its market value. Market experts have labeled Solana as a top competitor to Ethereum and other major cryptocurrencies. Despite being often compared to Ether, SOL has never beaten it in weekly total fees – until now.

Solana’s Growing Popularity

A number of factors have contributed to Solana’s surge in popularity. The token’s increasing adoption, coupled with an ongoing frenzy of celebrity coin trading and the boom of Solana-based memecoins, have sent SOL flying in 2024.

Total Value Locked (TVL) on Solana

According to data from DeFiLlama, the total value locked (TVL) on Solana has soared to around $5.5 billion. This is a more than three times increase since the start of 2024. At press time, SOL is trading at $186.56, a 31.69% increase this month.

Competition Heats Up

With the potential arrival of Solana ETFs, the competition between SOL and Ethereum will certainly grow more. Ethereum ETFs have performed well after one week of availability. With Solana’s top performance in 2024, it is possible that we may see SOL ETFs come within the next calendar year, competing with Bitcoin and Ether.

What’s Next?

As the entire crypto market anxiously awaits what asset could be next, two tokens have emerged as favorites. Both Ripple and Solana have garnered interesting support for the prospect, but the latter appears to be the favorite. Will SOL ETFs be the next major milestone for the token? Only time will tell.