Solana has recently surged in total transaction fees, overtaking BNB Chain and Tron, while Ethereum remains the highest fee generator. This development highlights the growth of layer 1 blockchains, including NEAR and Fantom.

The cryptocurrency sector has experienced a significant milestone as Solana, a prominent layer 1 blockchain, takes the lead in on-chain financial activity, with transaction fees skyrocketing by nearly 400%. This achievement allows Solana to surpass BNB Chain and Tron in total transaction fees. Meanwhile, Ethereum remains the top fee generator, collecting approximately $606 million in transactional fees.

In addition to Solana, Ethereum has also made notable strides, reaching new year-to-date highs. Fantom and the NEAR blockchain have followed suit, displaying substantial advancements in their respective cryptographic ventures.

Layer 1 Blockchains on the Rise

According to The Block Pro, a leading on-chain metrics tracker, March concluded on a positive note for Ethereum, Solana, Fantom, and NEAR, all layer 1 blockchains. Ethereum and Solana reached new year-to-date highs of approximately $4,094 and $210, respectively, boosting market optimism. Solana's total value locked (TVL) also increased by around 91%, second only to Ethereum's MoM TVL increase of approximately $3.8 billion.

Fantom, NEAR, and Solana also experienced significant gains in market cap, with MoM increases of approximately 115%, 88%, and 62%, respectively. These gains can be attributed to Fantom's upcoming Sonic network upgrade and NEAR's data availability layer announcement, while Solana's gains are due to various reasons.

The Fantom Sonic network upgrade aims to significantly enhance transaction speeds to 2,000 transactions per second (TPS) and improve decentralized finance (DeFi) support. NEAR's data availability layer announcement offers a cost-effective and secure data availability solution for Ethereum developers and rollups.

This positive outlook for the mentioned layer 1 blockchains indicates a promising future, with Solana and Ethereum making significant advancements in their cryptographic ventures. However, the native tokens of these blockchains, ETH, SOL, NEAR, and FTM, have experienced a consolidation phase in the market.

Price Slip for ETH, SOL, NEAR, & FTM

Despite the positive developments, the broader market is preparing for the upcoming BTC halving, causing turbulent shifts in market dynamics and highly volatile price movements. Ethereum's price has fallen by 1.66% in the past 24 hours, currently at $3,454. Solana trades at $167.04, with a 3.02% drop in the past 24 hours. NEAR token has experienced a 5.50% drop in the past 24 hours, currently at $6.56. Lastly, Fantom (FTM) token has fallen by 6% over the past day, currently at $0.8688.