TL;DR
- Solana has surpassed all other L1 and L2 blockchains in network revenue and transaction volume over the last 24 hours, generating over $7.9 million on May 13 alone.
- Its weekly dApp trading volume also exceeded $1.6 billion.
- Despite a slight price pullback, institutional interest and retail adoption of Solana continue to grow.
In an increasingly competitive environment, Solana has emerged as the undisputed leader in revenue generation and on-chain activity. According to recent data, on May 13, Solana raked in over $7.9 million in network fees, outperforming not only Ethereum ($2.5 million) and Bitcoin ($647,900), but also surpassing the combined total of all other L1 and L2 chains. This isn’t just a minor edge—Solana’s daily revenue outpaced Ethereum by 3 times, Bitcoin by 11 times, and Base by a staggering 35 times.
This performance extends beyond a single day. Over the past week, Solana captured more than 51% of all revenue generated by decentralized applications, tripling Ethereum’s market share of 14%. Furthermore, Solana’s weekly dApp trading volume soared to over $1.6 billion, with more than 138 million transactions recorded. At the same time, its memecoin sector saw explosive growth, reaching over $14 billion in total market cap, a clear sign of user engagement and liquidity.
Institutional Growth and High Hopes for a Solana ETF
Despite a recent price correction after reaching $184, Solana continues to attract major institutional capital. On Monday, NASDAQ-listed firm “DeFi Development” announced the purchase of 172,670 SOL, worth approximately $24 million, bringing its total holdings to nearly $100 million. This shift highlights a new era where large investors are no longer focusing solely on Bitcoin or Ethereum.
On-chain metrics also signal rising retail confidence. Wallets holding at least 0.1 SOL have now reached 11 million in just two weeks, showcasing growing grassroots adoption. Meanwhile, the U.S. SEC has delayed its decision on approving a Solana spot ETF until October 2025. Despite the delay, expectations remain high. According to Polymarket, the odds of approval this year stand at 82%. Analysts suggest a Solana ETF could unlock billions in institutional capital, much like Bitcoin spot ETFs did when they launched earlier this year.
Solana is not only showing technical and financial strength but is also shaping the next chapter of crypto adoption. In a regulatory landscape still evolving, its blend of performance, community support, and institutional confidence makes it one of the most promising contenders in the entire blockchain space.
