Solana has outpaced Ethereum in weekly total fees for the first time during the week of July 22, generating around $25 million in revenue compared to Ethereum’s $21 million. The total fee data includes all forms of revenue for Solana validators, such as tips and maximum extractable value (MEV).

Blockworks data analytics manager Dan Smith noted on X that 58% of Solana’s fee revenue came from MEV tips, while 37% was derived from priority transaction fees. “Solana validators and stakers are absolutely eating this cycle,” Smith remarked.

This surge in Solana’s revenue is largely driven by a wave of celebrity coin trading on Solana-based memecoin platforms like Pump.fun and Moonshot. Memecoins, which have now surpassed a total market capitalization of $50 billion, have played a crucial role in Solana’s recent growth.

Solana’s total value locked (TVL) has skyrocketed to approximately $5.5 billion, more than tripling since the beginning of 2024. On July 28, Solana recorded daily total fees of over $5.5 million, marking the highest for the network in three months.

Furthermore, stakers on the network have earned cumulative rewards exceeding $32 million and are currently enjoying yields of around 7%. In contrast, Ethereum stakers are earning an annual percentage rate (APR) of 3.3%. Despite this, Ethereum remains the dominant player in terms of TVL, which stands at nearly $60 billion.