- Solana generated $8.4 million in daily revenue, far surpassing Ethereum’s $875,571.
- Memecoin trading has fueled Solana’s revenue surge, with app earnings up 213% in Q4 2024.
- Solana’s strong revenue growth has helped SOL outperform Ethereum in market performance.
Solana continues to generate more revenue than Ethereum, even as the cryptocurrency market cools. Recent data from DefiLlama shows that Solana’s earnings remain strong despite reduced retail trading activity. Crypto researcher Aylo highlighted this trend in a post on X.
Solana Applications Lead in Revenue Generation
The decentralized applications built on Solana achieve greater revenue production compared to those on the Ethereum platform. Solana-based applications generate revenues at levels that exceed Ethereum applications by as much as 10 times according to Aylo’s data. Layer-2 scaling solutions introduced by Ethereum have not diminished the dominant position that Solana maintains.
The combined total value locked assets across Ethereum’s L2 platforms Arbitrum and Base currently exceed $25.5 billion. Solana keeps earning greater revenue even though Ethereum controls a more developed ecosystem. Solana generated $8.4 million in revenue on February 9 whereas Ethereum’s revenue reached only $875,571.
Ethereum Maintains Higher TVL but Trails in Revenue
The total value locked on Ethereum exceeds Solana’s despite Solana generating higher revenues. Data from DefiLlama reveals that Ethereum currently holds a TVL value of $56.8 billion whereas Solana maintains a TVL of $9.5 billion. The data indicates that Ethereum still holds the most locked assets but Solana manages to extract greater value from its user base.
The ability of Solana to generate higher revenue despite its lower TVL highlights the efficiency of its applications. Market participants are now closely monitoring whether Ethereum can close this revenue gap in the coming months.
Memecoin Trading Boosts Solana’s Revenue Growth
Solana’s revenue growth is largely driven by the rising popularity of memecoin trading. According to Messari, Solana’s cumulative app revenue surged by 213% in Q4 2024. This increase was fueled by speculative trading on memecoin platforms.
Pump.fun demonstrated record-breaking Q4 revenues reaching $235 million with a monumental 242% quarterly spike. Data analysts believe Solana unlocked cryptocurrency market speculation to become the blockchain industry’s top revenue generator.
SOL Token Gains Momentum as Revenue Surges
Solana’s native token SOL receives positive benefits from its rising revenue figures. The SOL price on TradingView experienced a more than double increase relative to Ethereum throughout 2024. The analysts expect this momentum of growing revenue to boost Solana’s future market assessment.
Despite its strong performance, Aylo noted that Solana remains undervalued compared to other L1 and L2 networks. If revenue growth continues at this pace, Solana could strengthen its position in the blockchain industry.