- Solana surpassed Ethereum in profitability for the first time ever.
- Robinhood’s European crypto arm launched Solana staking, offering nearly 5% yield per annum.
- SOL price added 2.25% on Wednesday.
Solana, a smart contract network and an Ethereum competitor, has surpassed Ether in profitability for the first time ever. The profitability of a blockchain is defined as the total economic value generated by the chain, including revenue generated from transaction fees and Maximal Extractable Value (MEV) – the maximum profit that a miner can extract during block production in a chain.
Solana surpasses Ethereum profitability, hits new milestone
On Sunday, May 12, Solana surpassed the profits of the Ethereum blockchain after the total fees collected from transactions and the MEV on Solana exceeded that on Ethereum. This event occurred for the first time and marks a key milestone for Solana.
Analyst Leon Waidmann shared the news in a recent tweet on X, using data from Blockworks.
For the first time ever #Solana is more "profitable" than the #Ethereum Mainchain! pic.twitter.com/HqkUcNNLpm
— Leon Waidmann | On-Chain Insights (@LeonWaidmann) May 15, 2024
Another key update in Solana is the launch of its native token SOL staking on Robinhood’s European crypto arm. The exchange says that Solana is one of the most popular coins among its customers in the European Union (EU).
Robinhood’s US branch removed Solana from the platform in June 2023 after the US financial regulator, the Securities and Exchange Commission (SEC), alleged that SOL is an unregistered security.
Solana gains 2.15% on Wednesday
Solana is trading at $144.86 on Binance, adding 2.15% to its value on Wednesday. The Ethereum-competitor token climbed at the beginning of May, but lost some momentum afterwards, trading nearly 10% below its May peak at $159.19.
SOL/USDT 1-day chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.