Solana
Solana, Jito and Tron revenues increase in 2024
The crypto industry is doing quite well in 2024, helped by the approval of spot Bitcoin ETFs in January. There is speculation that the SEC would also approve spot Ether ETFs, which could open the door for other tokens like Solana and Avalanche.
Most publicly traded crypto companies reported strong revenue growth during the recent earnings season. Coinbase has benefited from increased trading volume and its role in the ETF industry, where it acts as the custodian for most funds.
Ethereum revenue in 2024
Blockchains are also doing well in terms of fees or revenue. Data by Token Terminal shows that Ethereum has led the industry in fees this year. It earned more than $1.46 billion, slightly less than Coinbase’s $1.58 billion.
Ethereum still leading in terms of volume as it is the largest blockchain network in the world. It powers most networks and stablecoins. Data shows that its total DeFi assets have soared to over $100 billion, helped by staking networks.
Bitcoin generated $617 million in fees this year due to growing demand for ETFs, which was offset by a drop in ETF Ordinals. Data from CryptoSlam shows that Bitcoin NFT sales volume plunged 67% over the past 30 days to $218 million.
Tron, the network launched by Justin Sun, generated $604 million this year. Tron makes money by charging transaction fees in all its transactions. Its DeFi ecosystem has more than $8.78 billion in assets while its network powers stablecoins worth over $56 billion,
Tron’s ecosystem is made up of networks like JustLend, JustStables, SUN and JustMoney. A closer look, however, shows that the ecosystem’s growth has stalled, with the number of new project launches decreasing.
Solana’s fees soar
by Solana The network earned $179 million in fees by becoming Ethereum’s closest competitor. It has become the second largest chain in the DeFi sector, with its exchanges like Raydium, Orca, and Jupiter being among the top ten in terms of volume.
Solana has also become the preferred network for meme coin launches. Some of his most popular meme tokens are Bonk, dogwifhat, and Book of Meme. Therefore, Solana’s fees are much lower than Tron and Ethereum because its transaction costs are generally much lower.
Another notable actor is Jito, who has collected over $104 million in fees. Jito is a network that allows users to stake their Solana tokens. He has over $1.8 billion in assets and the upward trend continues. Lido Finance, its Ethereum competitor, made over $421 million in fees this year.
Other most profitable networks in the blockchain industry are UniswapAave, MakerDAO and BNB chain.