On October 21, Solana-based Raydium, generated $3.4 million in fee revenue, as opposed to $3.35 million for Ethereum, according to DeFiLlama.
According to DefiLlama, Raydium, a decentralized exchange (DEX), achieved a higher 24-hour revenue than the Ethereum network on October 21.
Raydium Fee Revenue According to DeFiLama
According to data from DefiLlama on daily revenue from protocol fees, Raydium, which is hosted on the Solana blockchain, generated $3.4 million in fee revenue during the day, while Ethereum generated $3.35 million.
Ethereum continues to surpass other blockchain networks, including Solana, but it has occasionally lagged behind protocols like Raydium.
According to data from DefiLlama, Raydium is the most prominent and liquid DEX on Solana, with a total value locked (TVL) of approximately $1.8 billion.
On October 21, Solana generated $2.67 million in revenues, which is marginally lower than Ethereum’s earnings for the same period, according to the data.
In the 24-hour revenue category, Pump.fun, a memecoin creation tool from Solana, surpassed Ethereum on July 29, according to data from DefiLlama.
That was not the first occasion on which Pump.fun’s revenue exceeded Ethereum’s.
The 24-hour revenue of the memecoin platform reached an all-time high of nearly $2 million on June 30, marginally surpassing Ethereum’s $1.91 million during the same period.
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The director of digital asset research at VanEck, Matthew Sigel, stated in September that Ethereum has generated $3 billion in transaction fees (denominated in Ether) since its launch in 2015.
Sigel anticipates that the Ethereum network will generate an annual free cash flow of up to $66 billion by 2030, which could result in a spot ETH price of up to $22,000 per token.
“Ethereum has processed approximately $4 trillion in settlement value in the past year and an additional $5 trillion in stablecoin transfers annually.” Sigel stated, “This is significantly larger than PayPal and is beginning to resemble networks such as Visa.”
