Solana Surpasses Ethereum in Daily Fees Amid Raydium Trading Surge

Solana’s daily network fees have recently surged beyond those of Ethereum, underscoring significant growth in user engagement on the Solana blockchain. Over the past 24 hours, Solana generated an impressive $2.54 million in fees, surpassing Ethereum’s $2.07 million on October 28, according to data from DefiLlama. This boost in fee generation places Solana as the fifth-largest revenue-generating blockchain protocol in the crypto market.

Driving this surge is Raydium, Solana's leading decentralized exchange (DEX), which alone contributed $3.41 million in fees during this period. The high activity level on Raydium reflects a rising demand for decentralized trading on Solana, affirming its status as a key player among DEXs.

Often hailed as an “Ethereum killer,” Solana distinguishes itself through its monolithic scaling model, enabling high transaction throughput without relying on external layer 2 (L2) blockchains. In contrast, Ethereum’s reliance on L2 solutions aims to scale through side chains, a structure some critics argue may divert value away from its mainnet. This difference in architectural philosophy highlights Solana’s approach to optimizing performance directly on its primary blockchain, potentially driving it to new levels of adoption in the competitive crypto space.