Raydium surpasses Ethereum in 24-hour fee comparison

On October 21, Raydium, a decentralized exchange (DEX) on the Solana blockchain, surpassed Ethereum in 24-hour earnings, as reported by DefiLlama.

Raydium generated $3.4 million in fees in a day, compared to Ethereum’s $3.35 million, according to DefiLlama data on daily protocol fee income.

Ethereum’s revenue took a hit after the network’s EIP-1559 upgrade in March significantly reduced transaction fees by about 95%.

While Ethereum still outperforms other blockchain networks like Solana, it has occasionally been overtaken by protocols like Raydium.

Raydium, the leading DEX on Solana, has a total value of around $1.8 billion (TVL), based on information from DefiLlama.

On July 29, Solana’s meme coin creation tool Pump.fun outperformed Ethereum in 24-hour sales, according to DefiLlama.

Pump.fun’s revenues surpassing Ethereum’s is not new; on June 30, the meme coin platform’s 24-hour revenue hit a record high of nearly $2 million, slightly exceeding Ethereum’s $1.91 million during the same period.

Since its launch in 2015, Ethereum has accrued $3 billion in transaction fees (in Ether), according to Matthew Sigel, VanEck’s head of digital asset research.

Sigel anticipates that the Ethereum network could generate up to $66 billion in annual free cash flow by 2030, potentially driving ETH’s spot market price to $22,000 per token.

This estimate is based on the projected value growth for ETH holders as Ethereum handles an increasing share of global transactions.

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