The rivalry between Solana [SOL] and Ethereum [ETH] is heating up, especially in terms of transaction costs, as Solana experiences a significant upsurge.
Recent data indicates that Solana’s transaction fees have exceeded Ethereum’s daily figures, showcasing a rise in activity on the platform.
Despite the surge in Solana’s fees and the growth in total value locked (TVL), Ethereum remains the leading blockchain in market value and assets under lock.
Solana’s Fee Surge Surpasses Ethereum
Solana has witnessed substantial growth in transaction fees in the past week. According to DefiLlama’s latest report, Solana and its decentralized applications (DApps) are outperforming Ethereum in daily fee transactions.
One of Solana’s major DApps, Raydium, generated close to $12 million in fees, making it the second most fee-generating platform during this period.
Solana itself accumulated around $11.3 million in fees, while Jito, another DApp on Solana, contributed nearly $11 million to the network’s total.
In contrast, Ethereum registered approximately $6 million in daily fees, lagging behind Solana in the rankings. Ethereum’s fee trajectory has displayed little variation over the week, maintaining a consistent stability pattern.
On the contrary, Solana has experienced multiple spikes in fees, reaching a new all-time high of $11.7 million on November 19th. This exceptional level of activity underscores Solana’s increasing momentum in network utilization and adoption.
Ethereum Maintains Superiority in TVL
While Solana has made progress in transaction fees, Ethereum continues to lead in Total Value Locked, a crucial metric in decentralized finance (DeFi).
Solana’s TVL has surged noticeably in recent days, reaching $8.4 billion. This signifies a robust recovery for Solana, bringing it closer to the peaks it achieved in 2022.
However, Ethereum retains a commanding position in TVL, with a staggering $60 billion locked within its ecosystem. This amount represents more than half of the total TVL of the DeFi market, which stands at $110.5 billion.
Price Movements Reflect Broad Trends
Solana is currently trading at around $244, demonstrating a 1% increase. The $200 price level has proven to be a solid base for its recent upward movement.
On the other hand, Ethereum is trading slightly above $3,000 with a 2% decline. Despite this, the cryptocurrency has maintained stability within this price range, with new support levels potentially forming around $2,900.