Solana has achieved a historic milestone in the blockchain space, recording $8.7 million in network revenue on October 23, fueled by increased blockchain activity and a surge in Total Value Locked (TVL). This boost comes as Solana continues expanding its influence, particularly in the gaming ecosystem, positioning itself as a formidable competitor to Ethereum.
Solana’s Impressive Growth and Revenue Milestone
On October 22, Solana saw unprecedented growth in economic value, reaching a new high on October 23, with network revenue hitting $8.7 million, according to Blockworks Research. The majority of this revenue was driven by transaction fees, priority fees, and user tips, which together underscore the network’s scalability and appeal. Solana’s expansion into DeFi and NFT sectors has been instrumental in this surge, with a notable increase in DeFi protocols and NFT marketplaces bolstering the platform’s ecosystem, as reported by Turkish NY Radio.
SOL Outperforms Ethereum with Exponential Growth
Beyond revenue, Solana’s native token, SOL, has outpaced Ethereum with a stunning 600% rise since early 2023. This strong performance has made Solana a competitive force in the smart contracts and DeFi space. SOL’s total value locked (TVL) has skyrocketed from $250 million at the start of 2023 to $6.8 billion as of October 24, highlighting Solana’s rapid growth.
Gaming Ecosystems Choose Solana for Speed and Low Costs
Solana’s low transaction fees and high transaction speed have made it an attractive choice for developers in the gaming industry as well. Recently, Studio369 integrated its MetalCore game onto the Solana network, illustrating how blockchain and gaming can merge seamlessly. Solana’s efficiency and affordability have positioned it as a leading choice for game developers and further fuel its competitiveness against Ethereum.
The Race with Ethereum Heats Up
In July, Solana surpassed Ethereum in weekly transaction fees, setting a new benchmark in blockchain competition. Generating approximately $25 million in weekly revenue against Ethereum’s $21 million, Solana has strengthened its position in the industry, demonstrating its capacity to scale and compete effectively.
Solana’s Strong Market Position
SOL has continued to perform strongly, trading at $173.74 with a 0.6% increase in the past 24 hours. The token has seen price fluctuations between $171.13 and $178.68, maintaining a robust market cap of $81.69 billion. SOL’s circulating supply is 470 million SOL, with a total supply of 587 million SOL, underscoring its liquidity and appeal among investors.
With strong fundamentals and increased adoption, Solana remains a dominant player in the blockchain ecosystem, captivating investors and users alike.
