Solana’s gas fees hit $32.2M, surpassing Ethereum, driven by rising transactions, memecoin trading, and DEX usage.
Solana has been making big moves lately. Just recently it surpassed Ethereum in gas fees. Nansen CEO Alex Svanevik recently shared that Solana brought in around $32.2 million in fees, while Ethereum made $25.5 million. This shows Solana’s growing popularity and potential to compete with Ethereum.
So, what’s behind this spike? Well, Solana’s been processing more transactions than ever before. It’s becoming pretty much the go-to platform for smart contracts, and more people are using it daily. Memecoins have also created a lot of buzz on platforms like Pump.fun, driving up transaction volume.
Additionally, decentralized exchanges (DEXs) like Raydium are seeing more activity, contributing to the rise in fees. With Solana handling about 718.65 million transactions in just seven days—around 87 times more than Ethereum—it’s clear that Solana is becoming a major player in the blockchain space.
These higher transaction counts are causing more network congestion, leading to occasional transaction failures and higher gas fees. If this trend continues, Solana could challenge Ethereum’s dominance in the blockchain world.
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