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Solana (SOL) has outperformed Solana in a key metric amid the ongoing market meltdown. According to data from DeFiLlama, Solana generated more app revenue than Solana in the past 24 hours and 30 days.
Solana leads in pp revenue
Solana flipped Ethereum to become the leading blockchain with the highest app-generated revenue. Per the DeFiLlama data, apps on Solana made $4.33 million in one day, while apps on Ethereum made only $1.82 million.
This is a huge flip, which no one saw coming, as Ethereum consistently took the lead. For instance, in Q1, 2024, Ethereum generated more app revenue than major public companies, including Robinhood, Etsy, Yelp and Reddit.
However, with the recent data, apps built on Solana accumulated more than twice the revenue of Ethereum. In addition, Hyperliquid also outperformed Ethereum, recording app revenue of $3.85 million.
Ethereum only outperformed blockchains like Edgex, Coinbase’s Base, BSC, Polygon, Arbitrium, Aptos and Avalanche in the top 10. Edgex made $1.13 million in app revenue, Base amassed $980,504 and BSC accumulated $767,788.
App revenue is described as all the fees across every dApp in a blockchain. It is real money paid by users, and the best proof that people are actually using the chain.
The top Solana chains that contributed to the massive revenue are Pump.fun, Axiom Pro and Jupiter.
Why is Ethereum behind?
Solana flippening in app revenue comes amid the recent Ethereum price crash. Over the past 24 hours, the ETH price has decreased by 4.47% to $3,235. The leading altcoin is also down 15.94% and 27.7% over the past week and month, respectively.
Solana is also experiencing a similar downtrend. SOL is currently priced at $151.90, down 5.4% on the daily price chart. However, the app revenue spike could help spark optimism with the Solana network.
Revenue proves real usage. Thus, if apps keep earning money, validators get richer, staking APY rises, eventually leading to higher prices.
Overall, Solana has proved that it is faster, cheaper and makes more money than Ethereum even while prices drop.
The Solana exchange-traded funds (ETFs) also appeared to have sparked optimism within the ecosystem. Since launching, SOL ETFs have recorded inflows, indicating high demand from institutional investors.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team