Solana Surpasses Ethereum in Fees as Burn Battle Continues

Solana has taken the lead in terms of fees over Ethereum, according to data from DefiLlama's Sept. 22 dashboard snapshot. Over a 24-hour period, Solana generated around $1.1 million in chain fees, while Ethereum earned $649,423. Despite this, Ethereum continues to hold the lead in reported burns, with Solana reporting $117,138 and Ethereum reporting $226,298.

The data also shows that Solana led on displayed seven-day and 30-day fees, while Ethereum retained a smaller lead in reported burns. However, it's essential to consider other factors when evaluating the economic performance of these networks, including new issuance, network value, and the share of validator income reaching stakers.

Solana's fee rules allocate half of the base charge to burning, with the remaining half going to validators producing the block. In contrast, Ethereum burns execution base fees while sending priority tips to validators. DefiLlama's data collection code also includes blob fees in both total fees and reported burns on Ethereum.

The market capitalization of Solana is significantly lower than that of Ethereum, with $69 billion compared to $335 billion. However, the 30-day reported burn represents a larger fraction of Solana's displayed market capitalization. To determine which network offers better economics, it's crucial to consider the issuance and burning of tokens over a matched period.