Will Solana become a true ‘Ethereum killer’ in 2024? Key data suggests…

• Solana’s transaction revenue and MEV tips have outpaced Ethereum.
• Solana total value locked surged by 25%, but ETH remained dominant.

The crypto market has been experiencing high volatility of late, and Solana [SOL] is no exception. However, this month has seen SOL change fortunes in trading volume, market cap, and meme-coins adoptions.

Two days ago, Solana hit the headlines after flipping Binance Coin [BNB] on market cap, as the former’s market cap surged to $85B. At the same time, BNB declined to $83B, according to CoinMarketCap

Solana continues its growth with higher trading volume, DEXes, and surpassing Ethereum [ETH]

Solana DEX trading volume hits $2B

SOL is rising, and its decentralized exchange (DEX) trading volume has surged to a record $2B. In the last 24 hrs, Solana’s DEX trading volume rose 50% to $3.09B from $2.7B, outpacing both ETH and BNB, per Coinglass.

Source: Coinglass

SOL beats ETH in transaction fees

Looking further, Solana has attempted to dethrone Ethereum in key metrics, including total fees and MEV.

On weekly charts, Solana generated $25M in transactional fees (revenue), while ETH reported $21M in the same period.

Source: X

Dan Smith shared the development through his X (formerly Twitter) page, stating that,

“For the first time ever, Solana surpassed Ethereum in total transaction fees and MEV tips on the weekly timeframe ($25M vs $21M). Solana validators and stakers are absolutely eating this cycle.”

Source: Blockworks

Solana generated much of its revenues from spot DEX trading. In the last 24 hrs, it generated 58% of the value from MEV tips and 37% from fees. The $5.5M revenue has been the highest over the past two months.

Source: Dune

Additionally, Solana stakes have enjoyed an extensive rise in revenue, earning $32M in the past. This earning outpaced ETH, which has only generated 3%, while SOL stakes earned 7%.

Source: Staking Rewards

Therefore, the rise in investment returns is playing a key role in attracting investors, thus raising Solana’s active address and trading volume.

Source: Defillama

Although Solana has experienced a surge in MEV tips and revenue, it still lags behind in total value locked. It rose by 25% on monthly charts to $5.5B.

Read Ethereum’s [ETH] Price Prediction 2024-25

In this aspect, ETH remains at the top, with a total value locked at $58B. However, Solana surpassed ETH in Total Economic Value with more than $2.2M compared to ETH’s $1.97M.

These shifts in market trajectories position SOL to become the true ETH killer, as it’s called.