Solana Hits $3.8M in Fees, Becomes Second-Highest Fee Generating Protocol

The Solana network has experienced a significant surge in activity, setting new records in various metrics. Daily network fees have reached $3.8 million, marking a 754% increase over the month. Similarly, daily decentralized exchange (DEX) trading volumes have surpassed $3.8 billion, a 430% increase from the previous month. This growth has positioned Solana as the second-highest protocol in terms of 24-hour fee generation, closely following Ethereum, which recorded approximately $14 million in fees. Solana's fee revenue was about $4M, significantly closing the gap from a 17x difference to a 3.5x difference with Ethereum within a month. This performance is attributed to the network's increasing user base and the impact of Maximal Extractable Value (MEV), making Solana the top 2 protocol by 24h fees.