Jul 29 in News
Solana memecoin launch dApp surpasses Ethereum in revenue generated
Decentralized application (dApp) Pump.Fun has surpassed Ethereum in terms of revenue generation in the last 24 hours. According to data from DeFiLlama, Pump.Fun accumulated revenue of $863,525, significantly surpassing Ethereum's $552,355.
Thus, this marks a substantial 35% revenue advantage over Ethereum, signaling a possible shift in the crypto ecosystem.
Community speculates whether Ethereum is a ghost chain
Ethereum, the largest smart contract blockchain and the second largest cryptocurrency by market capitalization, is now in an unusual situation. Renowned for enabling decentralized applications, Ethereum has seen slower growth in both on-chain activity and price performance this cycle.
So, year to date, the price of Ethereum has increased by 43%, while Solana, which hosts Pump.Fun, has almost doubled with a 90% increase.
Read more: Solana vs. Ethereum: A Definitive Comparison
The significant revenue disparity raises questions about Ethereum's current position in the market. Some community members are speculating whether Ethereum is gradually losing its dominant position, with concerns that it could be turning into a “ghost chain.”
High gas fees on Ethereum are driving users to alternative blockchains. Additionally, some believe that the proliferation of layer 2 (L2) protocols could fragment Ethereum's revenue and volume.
Meanwhile, the rise of Solana and Pump.Fun appears to be fueled by their focus on memecoins, which have found strong product-market fit.
The surge in interest around memecoins, driven by celebrities and social media, has positioned Pump.Fun as a central platform during the celebrity memecoin hype. Notable figures such as Andrew Tate and Caitlyn Jenner have chosen Pump.Fun to launch their memecoins, attracted by its user-friendly interface and Solana's low transaction fees.
Additionally, as the political season intensifies, Pump.Fun has also become a favorite platform for creating political-themed memecoins, further increasing their usage and visibility. The platform surpassed 1.526 million in total deployment transactions and collected approximately 495,869 Solana tokens in revenue.
What do you think? Can Solana surpass Ethereum in Marketcap?
Yes, Solana will overtake Ethereum
No, No, Solana is good, but the Eth market is very strong.
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Solana memecoin launch dApp surpasses Ethereum in revenue generated
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