Solana Flips Ethereum in Revenue Amid Price Meltdown

Ethereum only outperformed blockchains like Edgex, Coinbases Base, BSC, Polygon, Arbitrium, Aptos and Avalanche in the top 10. Edgex made $1.13 million in app revenue, Base amassed $980,504 and BSC accumulated $767,788.

App revenue is described as all the fees across every dApp in a blockchain. It is real money paid by users, and the best proof that people are actually using the chain.

The top Solana chains that contributed to the massive revenue are Pump.fun, Axiom Pro and Jupiter.

Why is Ethereum behind？

Solana flippening in app revenue comes amid the recent Ethereum price crash. Over the past 24 hours, the ETH price has decreased by 4.47% to $3,235. The leading altcoin is also down 15.94% and 27.7% over the past week and month, respectively.

Solana is also experiencing a similar downtrend. SOL is currently priced at $151.90, down 5.4% on the daily price chart. However, the app revenue spike could help spark optimism with the Solana network.

Revenue proves real usage. Thus, if apps keep earning money, validators get richer, staking APY rises, eventually leading to higher prices.

Overall, Solana has proved that it is faster, cheaper and makes more money than Ethereum even while prices drop.

The Solana exchange-traded funds (ETFs) also appeared to have sparked optimism within the ecosystem. Since launching, SOL ETFs have recorded inflows, indicating high demand from institutional investors.