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Solana outperforms all other layer-1 blockchains in revenue
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Like a phoenix rising from the ashes, the Solana network has surpassed the revenue of all other layer-1 blockchains. Over the past 30 days, the network created by Anatoly Yakovenko generated a total of US$431 million in fees. This value is greater than the sum of all fee income from other Tier 1 (C1). This means that Solana has absorbed 53% of the entire global fee value of C1 networks.
The person presenting the data was Ryan Watkinsco-founder of Syncracy Capital, an investment fund focused on cryptocurrencies. According to the publication made on its profile, Solana alone accounts for more than half of the amounts spent on blockchain transactions.
While Ethereum, Tron, Binance Smart and other C1 blockchains received $381,000 in fees last month, Solana alone concentrated US$431,000 in fees.
These numbers become even more surprising when looking at the platform’s recent past. Conceived in 2017 and launched in 2020 to be a strong competitor to Ethereum, the blockchain that brought the concept of Proof of History (PoH) for faster transaction processing, was one of those who suffered most from the bankruptcy of FTX.
Solana was post-FTX
The exchange, which declared bankruptcy in 2022 following a series of financial crimes operated by its founder Sam Bankman-Fried. It is worth noting that FTX used Solana as a partner network. In other words, many FTX projects took place on the SOL network. With the bankruptcy of one of its biggest partners, Solana needed to reinvent itself and rise from the ashes.
Among the reasons cited by Ryan Watkins responsible for the emergence of Solana are the innovative technical architecturewhich brought the concept of Proof of History to validate transactions almost in real time. After the end of the partnership with FTX, Solana restructured its network to encourage the emergence of new projects engaged with the platform’s growth.
Furthermore, blockchain has established partnerships with large financial companies such as Visa and Shopifyintegrating globally known services into your network. Allied to this, the platform’s artificial intelligence, the Cambrian has facilitated the creation of decentralized applications (dApps) in several areassuch as intent resolution, AI inference, AI/ML model training, and threat detection. AI offers a modular architecture that simplifies the lifecycle of AVSs, allowing developers to access a larger pool of assets and optimize costs.
Meanwhile, the price of the native SOL token rose 3.2% in the last 24 hours to $221.50, according to data from CoinGecko.
Solana outperforms all other layer-1 blockchains in revenue
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Solana outperforms all other layer-1 blockchains in revenue
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Solana outperforms all other layer-1 blockchains in revenue
