Solana app revenues exceed Ethereum's by 10x

According to crypto researcher Aylo, Solana (CRYPTO:SOL) continues to generate more revenue than Ethereum (CRYPTO:ETH), despite a cooling cryptocurrency market and a slowdown in retail trading activity.

In a Feb. 10 post on the X platform, Aylo noted that revenues from Solana apps exceeded rival Ethereum apps by as much as 10-fold.

Solana generated over $8.4 million in revenue on Feb. 9, while Ethereum's revenue stood at $875,571.  

Even when factoring in Ethereum’s layer-2 scaling chains (L2s), Solana’s strength holds.

Ethereum’s top L2s are Arbitrum and Base, with roughly $14 billion and $11.5 billion in total value locked (TVL), respectively.

Solana’s TVL continues to dramatically lag Ethereum’s, at $9.5 billion versus nearly $56.8 billion.

Messari reported that Solana’s cumulative app revenue increased by 213% in the fourth quarter of 2024, primarily due to memecoin speculation.

Memecoin launchpad Pump.fun clocked $235 million in Q4 revenues, for a quarter-over-quarter increase of some 242%, Messari said.

Solana has been outperforming Ethereum on several key metrics since the end of 2023.

Daily active users are 3.25 million for Solana, versus 410,000+ for Ethereum.

Daily transactions are 35.99 million for Solana, versus 1.13 million for Ethereum.

Solana is rising, with a 67.48% gain in its stablecoin market cap, sitting at $9.8 billion as of Jan. 21, 2025.

Another factor adding to Solana’s popularity is its stablecoin infrastructure.

While Ethereum's weekly DEX trading volume ballooned to $24.7 billion, an uptick of 47.58%, Solana saw $120.6 billion in its DEX trading volume, a 323.3% premium over the last seven days.

Solana’s top DEX was Raydium (CRYPTO:RAY), which saw a 236% weekly change, handling $52 billion to Solana last week.

At the time of reporting, the Solana (SOL) price was $203.94 and the Ethereum (ETH) price was $2,699.72.