Solana Burns Record $5.5 Million in Fees, Highest in Three Months

IconCryptoNewsTerminal Staff29 Jul, 2024

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Solana Burns Record $5.5 Million in Fees, Highest in Three Months

Solana's fee revenue has surged to its highest level in three months, with the network burning over $5.5 million in fees yesterday alone. This significant increase is primarily attributed to the rise in MEV tips and priority transaction fees. According to Dan Smith of Blockworks Research, 58% of the fees generated yesterday stemmed from MEV tips, while 37% came from priority transaction fees, mostly originating from spot DEX trades. This surge in fee revenue highlights the growing activity and demand on the Solana network.

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