- Solana received $2.36 billion from Ethereum year-to-date but lost over $1 billion back
- Ethereum retains strong position with over $50 billion in total value locked, despite outflows
- Solana surpasses Ethereum in daily fees on Oct. 28, driven by Raydium activity
Solana has experienced mixed performance in attracting total value locked (TVL) compared to Ethereum, according to Michael Nadeau, founder of The DeFi Report. While Solana managed to draw $2.36 billion in value from Ethereum since the start of the year, more than $1 billion returned to Ethereum, representing 42% of the total inflows.
Nadeau emphasized the importance of Solana capturing TVL from Ethereum and its layer-2 solutions, which are currently where significant value resides. Data from Artemis shows that Solana’s net TVL loss to other networks, including Base, Optimism, and Arbitrum, reached approximately $55 million year-to-date.
Ethereum Maintains Strength Despite Outflows
Despite experiencing $6 billion in net outflows year-to-date, Ethereum continues to command a robust position in the DeFi landscape with over $50 billion in TVL, as shown by DefiLlama data. Nadeau noted that a majority of these outflows, around 83%, transitioned to layer-2 solutions, suggesting that value remains within Ethereum’s ecosystem and supports its underlying layer-1 infrastructure.
Solana’s Fee Performance Surpasses Ethereum
Solana recently achieved a notable milestone by surpassing Ethereum in daily fee generation. On October 28, Solana recorded over $2.54 million in daily fees, outpacing Ethereum’s $2.07 million. This marked Solana as the fifth-largest fee-generating blockchain at the time. The uptick in fees was primarily linked to increased activity on Raydium, a decentralized exchange and automated market maker on Solana’s network.
