In the last 24 hours, Solv Protocol, a major Bitcoin staking platform, has generated an impressive 24-hour protocol fee of $1.48 million, making it the sixth largest among staking protocols. This surge has pushed Solana and Uniswap down to eighth and ninth places, with fees of $1.24 million and $1.15 million, respectively.
Here’s what you need to know about this important development.
Looking at the fees and revenue of Solv Protocol, its 24-hour fee of $1.48 million comes with a revenue of $295,637. At the beginning of October, the protocol’s fee was just $12,290. The next day, it rose to $20,200, and on the third day, it climbed to $159,270. Yesterday marked its peak at $1.48 million, and today it remains strong at around $427,060.
A recent post by Wu Blockchain on X highlights that this strong performance has made Solv Protocol the top holder of Total Value Locked (TVL) within the Bitcoin Financial Infrastructure (BTCFI) ecosystem.
Currently, Solv Protocol’s TVL is an impressive $1.319 billion. Since April, the protocol has seen a sharp increase in TVL, starting from just $109.52 million on April 3. It reached $1.403 billion on June 17 and peaked at $1.555 billion on August 31, the highest level recorded this year.
In comparison, Solana’s 24-hour fee is $1.24 million, slightly lower than Solv Protocol’s. However, its revenue of $617,634 is significantly higher. Solana’s fee was $1.12 million on October 1, increasing to $1.4 million the next day, before slipping back to $1.24 million recently.
Meanwhile, Uniswap reports a 24-hour fee of $1.15 million, far below Solv Protocol’s numbers. Starting at $2.36 million on October 1, Uniswap’s fee has seen a steady decline, dropping to $1.75 million on the second day, and further to $1.37 million the following day. Yesterday, it dropped to $1.15 million, and today it is at $1.1 million.
The rapid rise in fees and TVL for Solv Protocol shows its growing popularity in the DeFi and Bitcoin staking space. As it continues to outperform its competitors, the market will be watching closely to see how it shapes the broader crypto ecosystem.
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