Once dubbed the ‘Ethereum Killer,” the Solana network is poised to surpass the famed blockchain network in transaction fees as soon as this week. Indeed, Blockworks senior research analyst Dan Smith The potential for a flip is on the horizon.
A similar development could return Solana back to its once-heralded status as the network that was most likely to unseat Ethereum. Due to the ongoing issues with outages, it was not clear if Solana would be crowned. Its performance in 2024, however, gives hope that the network will live up to expectations.
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Solana Flip Ethereum Fees As It Continues to Strongen 2024
Solana is one of the most talked about digital assets in just five months. It was home to a number of meme coins that were booming in March. The industry’s meme-coin mania has been driven by newcomers from Solana, like Dogwifhat (WIF) Book of Meme
These performances saw the network becoming the leader of the monthly DEX market. Solana may also be ready to flip Ethereum again this week, in terms of transaction fees.
Dan Smith of Blockworks predicted Solana to flip Ethereum both in and “transaction fees [and] captured MEV this month,” It could be this week. Profits captured from arbitrage trading are known as MEVs.
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Smith claims that the total economic value of Solana has reached $2.8m on Tuesday. Ethereum’s total economic value was $3.1 million the same day. The tightness between the two networks is evidently continuing to settle itself.
Ethereum is clearly winning the battle for daily transaction fees. In the past 24 hours, Solana generated $1.49m, while Ethereum’s network generated over $2.75m. DeFiLlama.
Solana continues to prove its value in this year. In addition, its native token also has a good performance. This asset has increased more than 20% in just the last 7 days. Solana’s (SOL), and the network that it is part of, are likely to maintain their strong performance throughout this year.
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Source: watcher.guru