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U.Today - According to leading on-chain data platform Glassnode, Solana’s seven-day average transaction fees have outpaced Ethereum’s since Jan. 9, highlighting its growing network activity and sustained demand. While SOL's transaction fee dominance weakened in February, the weekly difference remains above $3 million, indicating sustained relative strength over ETH, Glassnode noted.
Solana’s lower fees and higher throughput continue to attract developers and users, highlighting its growing role in decentralized finance.
Solana's dominance, fueled by frenzied meme coin trading, is not limited to transaction fees. Solana has generated $31.52 million in revenue so far in February compared with Ethereum's $18.23 million, per DefiLlama data. In January, Solana earned revenue of $124 million, while Ethereum saw $109 million in revenue.
This performance supports the bullishness of the SOL-ETH ratio, which peaked near 0.093 in January; although it has dropped, it remains higher around 0.073, according to trading platform TradingView.
At press time, SOL was up 3.5% in the last 24 hours to $197 and ranks the fifth largest cryptocurrency by market cap; Ethereum, the second largest cryptocurrency by market capitalization, was up 1.6% in the last 24 hours to $2,702.
Solana's recent developments
This week, Franklin Templeton added Solana to the blockchains that facilitate the trading of its $594 million Money Market Fund (FOBXX). The fund is currently available on Ethereum, Coinbase (NASDAQ:COIN)'s Base, Aptos and Avalanche, all of which were added last year.Solana ETF applications have advanced to the next stage of SEC review. The Securities and Exchange Commission (SEC) has solicited public comment on Canary Capital's proposed ETF, the "Canary Solana Trust," which would introduce SOL investing into mainstream finance. The SEC acknowledged similar filings by VanEck, 21Shares and Bitwise.
Market experts are generally optimistic that SOL and other cryptocurrencies might receive their ETFs this year, although the exact timing and order are unknown. What's more clear is the SEC's renewed readiness to look kindly on the cryptocurrency industry, despite the regulator's previous reservations under former Chair Gary Gensler.