On Oct. 21, decentralized exchange (DEX) Raydium beat the Ethereum network in 24-hour revenue, according to DefiLlama.
Raydium, which is hosted on the Solana blockchain, clocked $3.4 million in fee revenue during the day versus $3.35 million for Ethereum, according to data from DefiLlama on daily revenue from protocol fees.
Ethereum is still recovering from a sharp dropoff in revenue after the network's March Dencun upgrade cut transaction fees by approximately 95%.
Ethereum still beats other blockchain networks like Solana but has periodically fallen behind protocols such as Raydium.
Raydium is the most popular and liquid DEX on Solana, with approximately $1.8 billion in total value locked (TVL), according to data from DefiLlama.
Solana generated $2.67 million in revenues on Oct. 21, slightly lagging Ethereum's earnings for the same period, the data shows.
On July 29, Solana memecoin creation tool Pump.fun surpassed Ethereum in 24-hour revenue, according to data from DefiLlama.
That was not the first time Pump.fun's revenue eclipsed Ethereum's.
On June 30, the memecoin platform's 24-hour revenue hit an all-time high of nearly $2 million, slightly surpassing Ethereum's $1.91 million during the same period.
Since launching in 2015, Ethereum has generated $3 billion in transaction fees (denominated in Ether), Matthew Sigel, VanEck's head of digital asset research, said in September.
Other Ether ETH $2,625.35 value accrual mechanisms include "burning" -- or permanently removing from circulation -- a portion of transaction fees and emitting new ETH to reward stakers, who post ETH as collateral to secure the network.
Sigel expects the Ethereum network to generate up to $66 billion in annual free cash flow by 2030, driving spot ETH's price as high as $22,000 per token.
His estimate is based on anticipated value accrual to ETH holders as Ethereum processes a growing portion of the world's transactions.
"Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually. So this is far bigger than PayPal and is beginning to approach networks like Visa," Sigel said.