The Solana network is potentially on track to surpass the Ethereum network in terms of transaction fees, a development that could have significant implications for Solana’s status as an “Ethereum-killer,” according to a senior research analyst at Blockworks. The concept of Maximal Extractable Value (MEV) is used to describe profits that are primarily gained through arbitrage trading on protocols. Solana’s total economic value of $2.8 million was close to Ethereum’s $3.1 million on May 7. However, despite these advancements, Solana’s daily transaction fees still lag behind Ethereum’s, with Ethereum generating over $2.75 million in fees in the past 24 hours compared to Solana’s $1.49 million. Additionally, when considering the total value locked (TVL), Solana’s $3.94 billion TVL is only a small portion (around 7.4%) of Ethereum’s $53 billion TVL. Critics have raised concerns about Solana’s approach to scalability and its previous outages, which led to a high failure rate for transactions. However, Solana’s mainnet launch in March 2020 aimed to address the scalability and efficiency issues associated with Ethereum through its monolithic approach to creating a standalone blockchain network with high throughput capabilities.
Report: Solana poised to surpass Ethereum in transaction fees within a week