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Solana (SOL), the sixth-ranked cryptocurrency asset, has flipped Tron (TRX), Ethereum (ETH) and Binance Coin (BNB) in a crucial metric for the 10th consecutive month. According to an update shared by SolanaFloor, a platform highlighting ecosystem developments, Solana led in this metric.
Solana leads L1 blockchains in monthly network revenue
Notably, Solana surpassed other layer-1 and layer-2 blockchains in terms of network revenue. The income generated by the blockchain network from transaction fees paid by users flipped those of Tron, Ethereum and BNB.
Solana raked in $87,026,612 to top the list, leaving a massive gap of $25.5 million between it and Tron, which came in second with $61,528,140.
The huge difference in revenue between the two crypto assets signals the strong ecosystem activities that occur on Solana. A good number of users, developers and dApps prefer operating on Solana compared to others.
This has translated to high usage of the blockchain and demand for SOL, hence the increased network revenue. This increased momentum from Solana emphasizes the asset's performance and dominance in the competitive cryptocurrency space.
The Solana blockchain has always been favored for its fast transactions and low fees. In a recent comment, Anatoly Yakovenko, Solana cofounder, highlighted the blockchain’s performance capabilities. The cofounder’s comments provided insights into the ecosystem’s increased block capacity.
SOL price dips despite soaring usage
Despite the bullish performance in network revenue, SOL’s price is struggling on the broader crypto market. Solana plunged from a peak of $179.53 as a result of a market-wide crash. As of press time, Solana was changing hands at $169.60, reflecting a 4.77% decrease in the last 24 hours.
However, its trading volume is up by a significant 32.69% at $7.35 billion within the same time frame.
Meanwhile, despite bullish anticipations of Ethereum hitting $4,000, the asset has also dipped in price by 3.43%. Tron and Binance Coin witnessed 0.01% and 2.54% respectively, reflecting broader market volatility.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team