Solana (SOL), known for one of the biggest comeback stories in cryptocurrency, has surpassed the Ethereum network in profitability for the first time in blockchain history, positively impacting SOL’s value.
Solana Coin Analysis
On-chain analyst Dan Smith recently shared an important post on X. The analyst highlighted that Solana’s daily economic value exceeded $2.2 million. In contrast, this value for Ethereum is seen at $1.98 million.
The shared graph, covering from February 14 to May 12, 2024, shows the economic value produced by both Solana and Ethereum. This value is calculated based on transaction fees and miner extractable value (MEV).
For Ethereum, this economic value had risen to around $40 million by the end of February. However, a decline began after this period, eventually stabilizing between $10 million and $15 million in April. By May 12, it had dropped to just below $2 million.
Meanwhile, Solana’s economic value started significantly lower compared to Ethereum. Initially, its value was estimated at around $1 million. However, throughout March, driven by the meme coin craze, it saw a steady increase and surpassed Ethereum by the end of the observed period, reaching approximately $2.25 million on May 12.
This situation has led to different perspectives in the crypto industry. Toghrul Maharramov from Scroll ZKP emphasized that Ethereum’s MEV remained relatively stable. However, it was noted that the implementation of EIP-4844 led to a decrease in transaction fees, which is believed to have impacted ETH’s economic value.
Although Solana has surpassed Ethereum’s main chain in profitability, analysts note that this does not account for Ethereum’s use as a burn mechanism in various layer-2 networks.
How Much is Solana Worth?
After the market movement today, attention turned to the price of Solana (SOL). Investors were pleased to see SOL reflecting an upward trend today after showing a decline in recent days.
The SOL price rose above $150 after a 6.81% increase in the last 24 hours. This can be seen as a significant rise considering SOL was trading at $141.42 the previous day.
Following the price increase, SOL’s market cap surpassed $69 billion, and its 24-hour trading volume exceeded $3 billion after a 14% increase.
