On October 21, decentralized exchange (DEX) Raydium surpassed the Ethereum network in 24-hour revenue, according to DefiLlama.
According to DefiLlama’s daily protocol fee revenue data, Raydium, hosted on the Solana blockchain, recorded $3.4 million in fee revenue during the day, while Ethereum recorded $3.35 million.
Ethereum is still recovering from a sharp decline in revenue after the network’s March Dencun upgrade cut transaction fees by about 95%.
Ethereum still outperforms other blockchain networks like Solana, but has periodically lagged behind protocols like Raydium.
source: DeFiLlama
Raydium is the most popular and liquid DEX on Solana, with total value locked (TVL) of approximately $1.8 billion, according to data from DefiLlama.
According to data, Solana generated $2.67 million in revenue on October 21, slightly behind Ethereum’s revenue during the same period.
According to data from DefiLlama, on July 29th Solana memecoin creation tool Pump.fun surpassed Ethereum in 24-hour revenue.
This is not the first time that Pump.fun’s revenue has surpassed that of Ethereum.
On June 30, the memecoin platform’s 24-hour revenue reached an all-time high of nearly $2 million, slightly ahead of Ethereum’s $1.91 million during the same period.
Source: VanEck
Matthew Sigel, 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” (or permanently removing from circulation) a portion of transaction fees and minting new ETH to reward stakers who post ETH as collateral to secure the network. It works.
Sigel expects the Ethereum network to generate up to $66 billion in annual free cash flow by 2030, pushing the price of spot ETH to $22,000 per token.
His estimates are based on the expected value that will accrue to ETH holders as Ethereum handles an increasing portion of global transactions.
“Ethereum processed approximately $4 trillion in payment value 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,” Sigel said.
magazine: Singapore ‘Not Ready’ for Bitcoin ETF, Sneaky Crypto Mining Equipment Importer: Asia Express