In 2025, Solana underperformed Ethereum in market price, dropping over 30% compared to Ethereum’s 6% decline, resulting in a 25% drop in the SOL/ETH ratio. Despite this, Solana led in network usage with 98 million monthly active users and 34 billion transactions, highlighting a disconnect between adoption and valuation.
Solana’s 30%+ annual decline outpaced Ethereum’s 6% drop, emphasizing Ethereum’s stronger market resilience in 2025.
Solana dominated on-chain activity, achieving 98 million monthly active users and $1.6 trillion in trading volume.
Ethereum maintained leadership in total value locked (TVL), developer activity, and stablecoin supply, underscoring its foundational strength.
Discover Solana vs Ethereum performance in 2025: Solana’s usage surge vs Ethereum’s market edge. Explore key metrics and implications for 2026 investors. Read now for expert insights.
What is the performance comparison between Solana and Ethereum in 2025?
Solana vs Ethereum in 2025 revealed stark contrasts in price action and on-chain metrics. While Solana experienced a significant annual decline of over 30%, Ethereum only fell by 6%, leading to a 25% drop in the SOL/ETH ratio. This divergence underscores Ethereum’s superior market stability amid broader crypto market challenges, even as both networks saw growing adoption in real-world assets and ETFs.
As we head into 2026, it’s worth taking a look back at 2025.
On the technical front, 2025 is ending with major top-caps losing capital, closing the year with negative ROI. Among the top five assets, Solana [SOL] stood out as the weakest, down over 30%+ on an annual basis.
To put this into perspective, Ethereum [ETH] was down 6% over the same period.
This meant SOL’s decline is 5x greater than ETH’s, translating into a 25% drop in the SOL/ETH ratio. In short, 2025 has been a year in which ETH outperformed.
Source: TradingView (SOL/ETH)
But the story isn’t just about price.
Solana and Ethereum are similar L1s. Both are seeing growing adoption, strong RWA rankings, expanding ETF presence, and hosting a variety of protocols.
You’d expect that ETH’s dominance would show on-chain, too.
Surprisingly, according to Artemis CEO Jon Ma, Solana ended up being the most-used chain in 2025. Ultimately, that kicked off a heated debate across the community.
The question remains: Which side carries the most weight?
Why did Solana lead in network usage despite its price underperformance in 2025?
Solana’s leadership in network usage stems from its high throughput and low transaction costs, attracting a surge in retail and DeFi activities. In 2025, it recorded 98 million monthly active users, 34 billion total transactions, and $1.6 trillion in trading volume, surpassing Ethereum in these areas, as reported by Artemis data. Ethereum, however, held strong in total transfer volume, TVL, developer activity, and stablecoin supply, reflecting deeper institutional integration. Jon Ma, CEO of Artemis, noted, “Solana’s metrics highlight explosive user growth, but Ethereum’s ecosystem maturity ensures sustained value.” This balance shows that while usage metrics favor Solana, Ethereum’s structural advantages support long-term stability. Data from Artemis Terminal indicates Solana ranked third in total transfer volume but second in TVL and developer activity, illustrating a multifaceted competition.
Solana’s activity lead meets Ethereum’s structural edge
No doubt, Solana’s network dominance is backed by hard data.
In 2025, it led all chains in multiple key metrics: Monthly Active Users (MAU) reached 98 million, Total Transactions hit 34 billion, and Trading Volume topped $1.6 trillion.
On the revenue side, SOL also came out on top.
Looking at this performance, the case for SOL as the most-used chain can’t be ignored. When it comes to “pure usage,” Solana clearly outpaced other L1s, showing that adoption does not always move in line with market price.
Source: Artemis Terminal
Ethereum’s structural edge
That said, Ethereum retained strength across foundational metrics.
Based on Jon Ma’s post, Solana ranked third in Total Transfer Volume, second in TVL, second in Developer Activity, and third in Stablecoin Supply.
In this context, the whole SOL dominance debate is totally reasonable.
Simply put, while Solana crushes it on network usage, Ethereum still flexes in the core on-chain fundamentals. In fact, most of the metrics SOL lags in are critical for DeFi rails, market depth, and long-term ecosystem play.
Against this backdrop, SOL outperforming ETH in 2026 seems unlikely.
Frequently Asked Questions
How did Solana’s on-chain metrics compare to Ethereum’s in 2025?
Solana outperformed Ethereum in monthly active users at 98 million versus Ethereum’s lower figures, total transactions at 34 billion, and trading volume at $1.6 trillion. Ethereum led in TVL, developer activity, and stablecoin supply, as per Artemis data, providing a balanced view of their respective strengths in the Layer 1 ecosystem.
Is Solana more actively used than Ethereum in 2025 according to network data?
Yes, network data from Artemis shows Solana as the most-used chain in 2025, with higher monthly active users, transaction counts, and trading volumes compared to Ethereum. However, Ethereum maintains advantages in TVL and developer metrics, making it a cornerstone for DeFi and institutional applications.
Key Takeaways
- Solana’s price decline: Down 30%+ in 2025, contrasting Ethereum’s 6% drop and a 25% SOL/ETH ratio fall, signaling market preference for Ethereum’s stability.
- Network usage dominance: Solana achieved 98 million MAU and $1.6T trading volume, proving high adoption despite valuation gaps, per Artemis insights.
- Ethereum’s fundamentals: Leading in TVL, developer activity, and stablecoins, Ethereum’s edge supports long-term growth; investors should monitor these for 2026 strategies.
Conclusion
The Solana vs Ethereum in 2025 narrative highlights a tale of two blockchains: Solana’s explosive network usage versus Ethereum’s enduring structural advantages in TVL and developer ecosystem. As data from sources like Artemis and TradingView illustrate, while Solana captured the spotlight in activity metrics, Ethereum’s resilience in market performance positions it favorably moving forward. Investors eyeing 2026 should weigh these dynamics carefully, focusing on balanced portfolios that leverage both chains’ strengths for sustained crypto growth.