Solana Surpasses Ethereum in Total Economic Value

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Solana has outpaced Ethereum for the first time in its history, as its Total Economic Value (TEV) has surpassed Ethereum. According to Blockworks Research, Solana generated $2,248,681 in TEV, surpassing Ethereum’s $1,977,416. TEV is used to analyze the utility and adoption of a blockchain network. However, critics argue that comparing Solana’s TEV with Ethereum’s without considering Layer-2 (L2) solutions is misleading. L2 solutions are designed to enhance scalability and reduce fees by offloading activity from Layer 1 (L1). Despite the criticism, comparing TEV across blockchains remains valuable. As Burniske explained, each L2 operates in its own blockspace environment, and TEV comparisons are typically made on an L1-to-L1 basis.