Solana’s On-Chain Transaction Volume Soars
Solana has seen a surge in on-chain transaction volume over the past week, with daily fees surpassing the total of all public chains on the 13th.
(Background: Solana domain airdrops new token SNS, .sol ecosystem bids farewell to FIDA and reshapes its economy)
(Contextual Supplement: Is SOL Worth Holding Long-Term? Analyzing the Multiple Engines Hidden Within the Solana Ecosystem)
Public Chain Solana Observation Indicators
According to data from Cryptopolitan, Solana generated $7.9 million in revenue on May 13, outpacing the combined totals of all Layer 1 and Layer 2 blockchains. This figure is three times that of Ethereum ($2.54 million) and eleven times that of Bitcoin ($640,000), solidifying its position as the day’s revenue leader. This data has once again brought Solana’s market influence into the spotlight.
Solana generated more revenue in a day than all L1 & L2 chains combined. It pulled in $7.9 million, and that is:
- 3× more than Ethereum
- 11× more than Bitcoin
- 35× more than Base
It also captured 51.6% of weekly chain revenue and led with $1.6B in weekly dApp volume.
pic.twitter.com/7Q4gAAZvXt
— Cryptopolitan (@CPOfficialtx) May 16, 2025
Solana Maintains High Popularity
In the past week, Solana accounted for 51.6% of the total revenue from public chains, leading the market with $1.6 billion in decentralized application (dApp) transaction volume. Additionally, analysts have noted that Solana’s on-chain transaction volume surpassed that of Coinbase and Ethereum in the first quarter of 2025, indicating robust user activity on its chain.
Solana’s performance has also sparked discussions regarding its value proposition. A post by Cryptopolitan on May 15 mentioned that Solana’s market capitalization has reached 34% of Ethereum’s, citing analysis from 21Shares which suggests that Solana’s fair value should be between $520 and $1,800, indicating potential for growth. The prevailing sentiment among community cryptocurrency analysts is that Solana’s high throughput and low-cost advantages are attracting more dApp developers, suggesting promising future growth.
Political and AI Meme Coin Rotation
Notably, Solana’s rise coincides with hot discussions in the crypto market around “PolitiFi” and “meme coins.” PolitiFi-related tokens became a market focal point at the end of April, with a total market capitalization exceeding $2.8 billion; while in early May, AI and meme coins took turns dominating the spotlight, reflecting rapid shifts in market sentiment. Many of these meme coins are primarily focused on Solana, propelling a substantial volume of transactions.
Can Solana solidify its position and even surpass Ethereum in on-chain transactions? With Binance vigorously supporting the trading enthusiasm for BNB Chain, it is essential for the market to closely observe the community strategies and insights drawn from the BNB versus Solana rivalry.
