Solana Revenue Hits Multi-Month Low As Pump.fun’s Competition Ethervista Launches On Ethereum

• Solana has seen declines in its revenue, potentially fueled by Pump.fun competitors Ethervista and SunPump.
• Solana’s non-voting trading volume also fell to lows last seen in September 2023.
• Recently launched, Ethervista ready to challenge Pump.fun.

Solana’s ( SOL ) daily revenue hit a six-month low on Monday, accompanied by a drop in its daily trading volume. The rapid decline reflects a decline in trader interest following the launch of competitors Pump.fun Ethervista on Ethereum and SunPump on the Tron blockchain.

Solana risks further revenue decline after Ethervista launch

According to data from DefiLlama, Solana’s daily revenue hit a six-month low of $190.7K on September 1. That’s a 92% drop from its peak revenue of $2.47 million on March 18.

Data from Kaito AI further notes that Solana’s sentiment has turned bearish, touching the red zone since August 26. August, according to The Blocks Data Dashboard. The last time Solana non-voting transactions were at this level was in September 2023.

Solana Non-Voting Transactions

In particular, some members of the crypto community are speculating that a major cause of Solana’s decline in on-chain activity may have stemmed from reduced interest in its meme coin generation platform, Pump.fun. Since the launch of its competition, SunPump, on the Tron blockchain, Pump.fun’s revenue has been on a downward trend, according to DefiLlama data.

In addition, Lookonchain data suggests that the Pump.fun fee account sold 254,074 SOL on September 1 at an average price of $158. The account cashed out another 10,300 SOL earlier today, bringing its total tokens sold to $41.64 million. This suggests profiting from the platform amid its declining interest.

To add salt to the injury, a decentralized exchange, Ethervista, which allows for the easy launch of meme coins on the Ethereum Mainnet went live in the last few days. Ethervista claims to introduce a new approach to token launches on the Ethereum network. Among its most prominent features is the 5-day liquidity lock for creators.

The approach counts the download events that often followed several newer meme coins on competitive platforms like Pump.fun.

As a result, several members of the crypto community have speculated that Ethervista could see Ethereum’s on-chain activity again, at the expense of Solana.

SOL has fallen nearly 4% in the past 24 hours, extending its weekly losses to 13%.