DefiLlama said that Raydium outperformed Ethereum in 24-hour revenue on Oct. 21.
Raydium, housed on the Solana blockchain, earned $3.4 million in protocol fees every day, compared to $3.35 million for Ethereum, according to DefiLlama.
Ethereum is rebounding from a 95% revenue decrease after its March Dencun update lowered transaction fees.
Ethereum is ahead of Solana but has slipped behind Raydium.
Raydium is Solana's most liquid and popular DEX, with $1.8 billion in TVL, according to DefiLlama.
The statistics reveals that Solana earned $2.67 million on Oct. 21, significantly behind Ethereum.
Solana memecoin generating tool Pump.fun overtook Ethereum in 24-hour earnings on July 29, according to DefiLlama.
Pump.fun has surpassed Ethereum's income before.
The 24-hour earnings of the memecoin network reached a record high of over $2 million on June 30, exceeding Ethereum's $1.91 million.
In September, VanEck's director of digital asset analysis, Matthew Sigel, stated Ethereum had produced $3 billion in Ether transaction fees since 2015.
Other Ether value accrual strategies include “burning” transaction fees and emitting fresh ETH to reward stakers that safeguard the network with ETH.
Sigel predicts $66 billion in yearly free cash flow from Ethereum by 2030, propelling spot ETH to $22,000 per token.
His estimate is based on ETH holders' expected value as Ethereum handles more transactions.
Ethereum handled $4 trillion in settlements and $5 trillion in stablecoin transactions last year. This dwarfs PayPal and is approaching Visa, Sigel said.
