Solana Leads Blockchain App Revenue in May with $91 Million, Surpassing Ethereum
By
Shiraz Jagati
Pulled from the oven just right. Trustworthy, fact-dense, deeply satisfying.
Summary
Solana generated $91 million in application revenue in May 2024, surpassing all other blockchains including Ethereum ($52 million), Hyperliquid L1 ($53 million), Polygon ($26 million), and Base ($23 million). Application revenue measures fees retained by decentralized apps like trading platforms and token launchpads. This milestone comes despite SOL trading near $81 after eight consecutive months of price decline.
Key quotes
· 3 pulledSolana generated $91 million in application revenue in May, more than any other blockchain and ahead of Ethereum's $52 million.
Solana booked $91 million for the month, placing it ahead of the Hyperliquid L1 at $53 million, Ethereum at $52 million, Polygon at $26 million, and Base at $23 million.
Application revenue measures the fees that decentralized applications, such as trading platforms and token launchpads, retain from their users.
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