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Today in crypto, Solana has surpassed Ethereum in daily network fee generation, data shows that Coinbase’s layer-2 network Base was briefly the leading blockchain for stablecoin volume as it hit a new all-time high in transaction count, and FTX has settled its 2023 lawsuit against Bybit for $228 million.
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Solana flips Ethereum in daily fees, surpasses $2.5 million in 24 hours
Solana has generated over $2.54 million worth of fees during the past 24 hours, surpassing Ethereum’s $2.07 million on Oct. 28 — making Solana the fifth-largest fee-generating protocol in the crypto space, according to DefiLlama data.
Solana’s soaring fees are correlated with growing trading activity on its leading decentralized exchange (DEX), Raydium, which generated over $3.41 million worth of fees on the Solana blockchain during the past 24 hours.
Despite Solana’s recent growth, its transaction fees still fall short of Ethereum’s over a longer time frame.
Looking at the past 30 days, Ethereum generated nearly $134.6 million in transaction fees, cementing its position as the leading blockchain and third-largest protocol by fees.
Base stablecoin transaction volume briefly tops all other chains
The Coinbase-developed Ethereum layer-2 network Base was briefly the number one blockchain for stablecoin volume on the same day it hit a new all-time-high transaction count.
Notching a record market share of stablecoin volume on Oct. 26, Base accounted for 30.06% of all stablecoin volume, beating out other chains, including Solana, Ethereum, and Tron, for the number one spot, according to data from Artemis Terminal, cited by Peter Schroder in an Oct. 27 post to X.
Following Base in one-day stablecoin volume was Solana, which accounted for 25%, while Ethereum came in third with 20%, and Tron came in fourth with 16.7%.
In an Oct. 27 post to X, Circle CEO Jeremy Allaire weighed in on Base’s brief dominance, saying that if this trend continued, USD Coin (USDC) would reach an “annual run rate” of $6.6 trillion on Base alone.
FTX settles Bybit lawsuit for $228 million
In an Oct. 24 legal motion, the FTX bankruptcy estate, the Bybit exchange, and its investment division, Mirana Corp, agreed to settle a 2023 lawsuit brought by the FTX estate for $228 million.
According to the legal filing, the FTX estate will be permitted to withdraw $175 million in digital assets held on the Bybit exchange and sell $53 million in BIT tokens to Mirana Corp.
Attorneys for FTX argued that while the claims made in the 2023 lawsuit were valid, continued litigation would be too expensive and time-consuming to maintain.
The settlement agreement is still subject to court approval before it is finalized, and a hearing is scheduled for Nov. 20, 2024, at 2:00 pm Eastern Time to ratify the agreement between the parties.
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