Solana Outperforms Ethereum in Revenue Despite Market Decline
Kam4Dile💰 The Solana network continues to show strong revenues, outperforming Ethereum even as the crypto market cools. According to DefiLlama, Solana applications generate 10x more revenue than similar Ethereum applications. This advantage holds even when taking into account Ethereum Layer 2 (L2) scaling networks.
You can plug in any L2 you want and add it on top and it doesn't matter now
Aylo's report says.
📊 On February 9, Solana earned over $8.4 million, while Ethereum brought in $875,571. Ethereum's top L2s, Arbitrum and Base, have a total value locked (TVL) of about $14 billion and $11.5 billion, respectively. Solana's TVL is $9.5 billion, significantly lower than Ethereum's nearly $56.8 billion.
🚀 Solana's revenue growth is largely due to the increase in memcoin trading. In Q4 2024, Solana's total application revenue grew by 213%, driven by memcoin speculation. The Pump panel recorded revenue of $235 million, up 242% from the previous quarter.
Just as online gambling will never end, on-chain gambling/speculation will never end either
said Aylo.
📈 The researcher noted that Solana has captured one of the largest use cases of cryptocurrencies. This provides stable metrics for the valuation of SOL. Since the beginning of 2024, the coin has grown almost twice as fast as ETH.
Solana is in a great position and is nowhere near as overvalued as almost all other L1 and L2