On October 21, the Solana-based decentralized exchange (DEX) Raydium generated $3.4 million in fee revenue, eclipsing Ethereum's $3.35 million for the same day, as reported by DeFiLlama. This revenue achievement comes as Ethereum continues to recover from a substantial revenue decline following its March Dencun upgrade, which reduced transaction fees by approximately 95%. While Ethereum maintains a greater overall revenue compared to other blockchains like Solana, it has faced challenges from platforms such as Raydium, which boasts a total value locked (TVL) of around $1.8 billion. On that day, Solana generated $2.67 million in revenues, still trailing behind Ethereum. This is not the first time Raydium or other Solana projects have surpassed Ethereum in revenue; the memecoin creation tool Pump.fun previously achieved this on July 29 and had another notable revenue surpassing in June. Meanwhile, according to VanEck, Ethereum has generated $3 billion in transaction fees since its launch, with predictions that it could reach $66 billion in annual free cash flow by 2030, significantly impacting the price of Ether.

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