Solana has seen a surge in on-chain activity, generating nearly 10 times more revenue than Ethereum in the last 24 hours. This trend extends to trading volumes, with Solana doubling Ethereum's numbers. The surge is attributed to retail speculation and high-frequency trading on Solana-based apps. While Ethereum maintains dominance in large trade volumes and liquidity pools, Solana's momentum is undeniable.
Solana ’s stronghold is on-chain activity. In the last 24 hours, apps on the network generated $8.4 million in revenue, nearly 10x more than Ethereum ’s $875,613 in the same period.
According to Aylo, this surge is largely fueled by retail speculation and high-frequency trading on Solana-based apps. Platforms such as Pump.fun and Bonkbot have contributed hugely to this revenue, creating a relatively stable financial base for the network. “Just like online gambling never ceases, neither will this gambling/speculation, whether you like it or not . Solana has captured one of crypto’s biggest use cases.”that app revenue metrics from DefiLlama, which the analyst seemingly relied on, might not be entirely accurate. According to them, some major Ethereum apps, such as Uniswap, are not included in the dataset.
Long-term institutional adoption of the network’s native SOL token could be useful, especially with observers asking what non-speculative use cases will solidify Solana’s place in the industry. Recently, the CBOEa flurry of proposals for Solana exchange-traded products on behalf of several crypto investment firms, including VanEck, Bitwise, and 21Shares.
SOLANA ETHEREUM ON-CHAIN ACTIVITY TRADING VOLUMES SPECULATION
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