Solana (SOL) has achieved a significant milestone by surpassing Ethereum in Total Economic Value (TEV) generated in a single day, marking a historic first and highlighting its growing influence in the crypto world.

Chris O, renowned crypto analyst and co-founder of ADA Ghost Fund, spotlighted this achievement on the X platform. He cited the case of DeGods, a prominent NFT project that returned to Solana on May 3, 2024, after initially leaving the platform, praising the entrepreneurial spirit and decision-making within the Solana ecosystem.

On May 12, Solana generated $2,248,681 in TEV, surpassing Ethereum's $1,977,416. TEV, which combines transaction fees and miner/extractor value (MEV), is a key metric for assessing the utility and adoption of a blockchain network. This milestone underscores Solana’s increasing utility and adoption, positioning it as a strong competitor to Ethereum.

Chris Burniske, a former analyst at Ark Invest, commented on the development, urging the crypto community to monitor the annual growth of TEV in layer-1 (L1) blockchains. He noted that higher TEV indicates greater usage and demand, offering more flexibility in a network's economic policies.

However, this achievement has sparked controversy between Solana and Ethereum supporters. Critics argue that comparing Solana's TEV to Ethereum's layer-2 (L2) solutions is misleading, as L2 improves scalability and reduces fees by shifting activity from Ethereum's main blockchain (L1) to L2.

Despite the debate, TEV comparisons across blockchains remain significant. Burniske explained that L2s operate within their blockspace environments, making L1-to-L1 TEV comparisons typical. Yet, some contend that L2s are integral to larger ecosystems like Ethereum, which has historically faced high fees.

Solana's recent TEV milestone showcases its technological advancements and growing industry influence. The ongoing debate over TEV comparisons highlights the challenges in evaluating blockchain networks and the evolving dynamics of their ecosystems.