Solana is more profitable than Ethereum for the first time, Robinhood’s Europe arm launches SOL staking (2024)

• Solana surpassed Ethereum in profitability for the first time ever.
• Robinhood’s European crypto arm launched Solana staking, offering nearly 5% yield per annum.
• SOL price added 2.25% on Wednesday.

Solana, a smart contract network and an Ethereum competitor, has surpassed Ether in profitability for the first time ever. The profitability of a blockchain is defined as the total economic value generated by the chain, including revenue generated from transaction fees and Maximal Extractable Value (MEV) – the maximum profit that a miner can extract during block production in a chain.

Solana surpasses Ethereum profitability, hits new milestone

On Sunday, May 12, Solana surpassed the profits of the Ethereum blockchain after the total fees collected from transactions and the MEV on Solana exceeded that on Ethereum. This event occurred for the first time and marks a key milestone for Solana.

Analyst Leon Waidmann shared the news in a recent tweet on X, using data from Blockworks.

Another key update in Solana is the launch of its native token SOL staking on Robinhood’s European crypto arm. The exchange says that Solana is one of the most popular coins among its customers in the European Union (EU).

Robinhood’s US branch removed Solana from the platform in June 2023 after the US financial regulator, the Securities and Exchange Commission (SEC), alleged that SOL is an unregistered security.

Solana gains 2.15% on Wednesday

Solana is trading at $144.86 on Binance, adding 2.15% to its value on Wednesday. The Ethereum-competitor token climbed at the beginning of May, but lost some momentum afterwards, trading nearly 10% below its May peak at $159.19.

SOL/USDT 1-day chart