- Solana has exceeded the Ethereum blockchain in revenue according to on-chain data
- The rise is due to more gambling activity on Solana
- Solana apps recorded a revenue of over $8 million on February 10 compared to Ethereum’s less than $900,000
The revenue generated by Solana has exceeded that of Ethereum with Solana recording a revenue of over $2 million compared to Ethereum’s less than $400,000 on February 10. Apart from the overall blockchain revenue, Solana apps are also eclipsing Ethereum apps in revenue by close to 10X registering $12.7 million against Ethereum’s $1.4 million. According to crypto researcher Aylo, the difference in revenue is visible even when Ethereum scaling layers are added into the equation, a sign that the usage of Ethereum layer 2s may be declining in the wake of new layer 1s and layer 2s on other blockchains.
Gambling To Continue on Solana
In an X post, the crypto researcher said the rise in revenue on Solana is due to “a persistent layer of gambling/trading activity on Solana.” The researcher expects the gambling to continue adding that it’s among “crypto’s biggest use cases.”
Despite the market downturn and the trenches being rekt, Solana continues to generate significantly more revenue than Ethereum & Solana apps are doing nearly 10x more revenue.
You can plug in any L2 you want and add it on top and it doesn’t make any difference right now.
This… pic.twitter.com/zX5LQ777Dc
— Aylo (@alpha_pls) February 10, 2025
Aylo noted that Solana has successfully captured the speculation which he said equates to economic security. According to the researcher, blockchains “without speculation see their tokens lose value” or never attract sizeable adoption.
Solana has established itself as the home of memecoins with Solana-based memecoin launchpad Pump.fun recording more than $230 million in revenue in Q4 2024. Aylo observed that Solana isn’t “as overvalued” as other networks, meaning it has more room for growth.
Ethereum Leads in TVL
While Solana may be ahead of Ethereum for revenue, the total value locked on Ethereum still exceeds Solana’s. Data from DeFiLlama shows that Ethereum commands 53% or $57.3 billion of the total value locked on all chains. Solana comes second with 8.6% or $9.3 billion.
This isn’t the first time Solana is eclipsing Ethereum. In July last year, Solana DEXs recorded a higher monthly trading volume than those on Ethereum.
With Solana beating Ethereum in revenue, it’s to be seen whether the phenomenon will contribute to closing the TVL gap between the two blockchains.
