The recent 24-hour data on the Solana chain is indeed impressive—72.07 million successful transactions, on-chain fee revenue reaching 4087 SOL, and DEX trading volume soaring to $2.956 billion. Among all mainstream public chains, this activity level ranks quite high.

Interestingly, although the trading volume is more than three times that of Ethereum, the fee income is actually higher ($870,000 compared to $314,000). This indicates significant differences in the fee pricing mechanisms of the two chains. The user experience advantage brought by high TPS is vividly reflected in these data.

However, upon reflection, there is another issue worth pondering: among these over 70 million transactions, how many are driven by genuine user demand? And how many are generated by bots, arbitrage programs, and other automated operations? On-chain data itself does not lie, but the underlying quality composition needs to be carefully analyzed.

Whether the DeFi ecosystem is truly mature, whether the application ecosystem is sufficiently diverse, and the user retention rate—these seemingly soft indicators—are what ultimately determine SOL’s long-term competitiveness. Purely looking at transaction volume numbers may look good, but they are also the easiest to optimize or even artificially inflate. It’s not that SOL is doing this; it’s just a reminder that when analyzing data, one must also consider the underlying genuine quality.