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The Solana network could be on track to overtake the Ethereum network in transaction fees, a potentially significant development for Solanas status as a so-called Ethereum-killer.

Solana could flip Ethereums transaction fees as soon as this week, according to Dan Smith, senior research analyst at Blockworks, who wrote in a May 7 X post:

Captured MEV, or Maximal Extractable Value, refers to profits that are mostly captured through arbitrage trading on the protocols. MEV measures the maximum amount of value that can be extracted from a blockchain by a user or a group of users.

Moreover, Solanas $2.8 million total economic value was near Ethereums $3.1 million total economic value on May 7, according to Smiths X post:

However, Solanas daily transaction fees are still far from Ethereums. Ethereum generated over $2.75 million worth of fees in the past 24 hours, compared to Solanas $1.49 million, according to DefiLlama data.

Looking at the total value locked (TVL), Solanas $3.94 billion TVL is still a small fraction, or around 7.4% of the Ethereum networks over $53 billion TVL.

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Solana launched on mainnet in March 2020, with a claimed throughput of 50,000 transactions per second (TPS), promising to improve on the lack of scalability and inefficiencies of Ethereum, as a so-called Ethereum-killer.

Unlike Ethereums modular approach to scalability via layer-2 (L2) scaling solutions, Solanas monolithic approach aims to create scalability and low fees as a standalone blockchain network.

However, Solanas approach saw widespread criticism following its previous outages. At the beginning of April, the demand for memecoins caused approximately 75% of Solana transactions to fail, as the network was unable to handle the large demand.

On Feb. 6, block production on Solana stopped for approximately five hours, before engineers and validators were able to restart the network, according to Solanas status page.

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Solana could flip Ethereum in transaction fees within a week: Report - Cointelegraph