In a report released this week, David Duong and David Han, institutional research directors and institutional research analysts at Coinbase, noted that Solana's on-chain transaction ecosystem, when viewed as a "separate financial category", is now ranked third in profitability, behind stablecoins and Layer 1. "Solana's transaction-related activities typically account for 75-90% of on-chain easy fees, much higher than other networks such as Ethereum, Base, and Arbitrum," David Duong pointed out. "While two-layer solutions have also shown growth and innovation, Solana typically faces different scalability challenges and user fragmentation issues compared to Solana, whose fee dynamics and user activity patterns remain distinct."