TL;DR: Solana outpaced Ethereum in fee generation over the last 30 days, raking in $195M thanks to memecoin trading on DEXs like Raydium. With low fees and high speed, Solana is becoming the degen network of choice, sparking talks of flipping Ethereum in market cap.
The degens have spoken, and they’re putting their money—and their trades—on Solana. Over the past 30 days, Solana has outpaced Ethereum in daily network fee generation, raking in $195M compared to Ethereum’s $184M, according to DeFiLlama. The primary catalyst? A memecoin trading frenzy that has decentralized exchanges (DEX) like Raydium firing on all cylinders.
Solana: The Degen Network of Choice
Known as the “Ethereum Killer,” Solana has long been hyped for its low fees and lack of congestion, two pain points that Ethereum has struggled to address. With the latest bull run bringing an explosion of activity in the memecoin space, Solana has solidified itself as the preferred playground for degens looking to ape into the next big thing without burning a hole in their wallets.
On Solana, the math is simple: lower fees mean more YOLO trades, and the memecoin scene thrives on volume. Ethereum, while still the heavyweight champ in market cap, is starting to feel like the boomer network for degens who refuse to spend $30 on gas fees to mint a questionable JPEG or buy a bag of speculative tokens.
Memecoins Lead the Charge
The surge in Solana’s fee revenue is largely driven by trading activity on DEXs like Raydium, where degens are swapping, flipping, and pumping memecoins like there’s no tomorrow. This trend isn’t just about fees—it’s also about culture. Memecoin mania is about fast-paced action, and Solana’s speed and affordability make it the perfect breeding ground for degenerate behavior.
As the bull run gains momentum, we can expect the degeneracy to hit hyperdrive. Memecoins are here to stay (for now), and Solana is reaping the benefits of this chaotic, high-stakes trading environment.
Flipping Ethereum: A Real Possibility?
With Solana’s momentum showing no signs of slowing, some are starting to whisper the unthinkable: could Solana flip Ethereum in market cap? While ETH’s dominance as the go-to smart contract platform is far from over, Solana’s rapid fee growth and memecoin-fueled adoption make it a formidable contender.
Of course, flipping Ethereum is easier said than done. Solana still has hurdles to overcome, including network stability and adoption outside of memecoin mania. But if the current trend continues, the so-called “Ethereum Killer” might just live up to its nickname.
The Degen Takeaway
For now, the message is clear: Solana isn’t just a chain—it’s a vibe. Whether it’s low fees, fast transactions, or the thrill of hunting for the next 100x memecoin, Solana is winning the hearts and wallets of degens everywhere. So, ETH maxis, take note: the next generation of crypto degeneracy is thriving on Solana, and it’s not slowing down anytime soon.