Solana Leads in 2025 Usage – Why Didn't SOL Outperform ETH?

As we approach 2026, it’s important to reflect on the events of 2025.

Key Takeaways

Solana experienced a significant annual decline of over 30%, while Ethereum only dropped by 6%.
Despite its price performance, Solana topped 2025 usage metrics, including Monthly Active Users and total transactions.
Ethereum continues to maintain its strength in foundational metrics crucial for DeFi.
The debate on which blockchain is superior remains ongoing, with each network showing unique strengths.

Solana tops 2025 usage charts – So why didn’t SOL outperform ETH?

In 2025, major cryptocurrencies experienced a downturn, with Solana (SOL) showing the steepest decline compared to Ethereum (ETH). Despite being recognized as the most-used blockchain, SOL did not manage to outperform ETH in terms of market price. This article delves into the contrasting usage statistics and structural advantages of each blockchain.

2025: A Year of Contrasts

As we look back at 2025, major cryptocurrencies endured capital losses, with the year ending on a negative return on investment (ROI). Within the top five cryptocurrencies, Solana emerged as the underperformer, experiencing over a 30% annual decrease. In contrast, Ethereum saw a smaller decline of just 6%. This discrepancy means Solana fell five times more than Ethereum, leading to a 25% drop in the SOL/ETH ratio. Therefore, 2025 was a year where Ethereum clearly outperformed Solana.

SOL ETH
Source: TradingView (SOL/ETH)

However, the situation encompasses more than just price.

Competitive Landscape: Solana vs. Ethereum

Both Solana and Ethereum are prominent Layer 1 (L1) blockchains. They have shown increasing adoption, strong rankings based on Real-World Assets (RWA), an expanding presence in Exchange-Traded Funds (ETFs), and support for various protocols. It would be natural to assume that Ethereum’s dominance would also be reflected on-chain.

Fascinatingly, according to Jon Ma, the CEO of Artemis, despite the price difference, Solana emerged as the most-used blockchain in 2025. This revelation sparked intense discussions within the community, raising the question of which blockchain holds the most relevance.

Solana's On-Chain Dominance

Solana's strong performance is backed by compelling data. In 2025, it outperformed all other chains in several critical metrics:

Monthly Active Users (MAU): 98 million
Total Transactions: 34 billion
Trading Volume: $1.6 trillion

From a revenue perspective, SOL topped the charts as well. This data highlights Solana's status as the most-used blockchain, showcasing that high usage does not necessarily correlate with market capitalization.

Ethereum's Enduring Structural Strength

Solana
Source: Artemis Terminal

Conversely, Ethereum maintains a robust position based on fundamental metrics. As noted in Jon Ma's analysis, Solana ranked third in Total Transfer Volume, second in Total Value Locked (TVL), second in Developer Activity, and third in Stablecoin Supply. This context suggests that the debate surrounding Solana's dominance is a valid one.

In simple terms, while Solana excels in network usage, Ethereum still demonstrates strength in essential on-chain fundamentals. Many of the areas where Solana falls short are vital for decentralized finance (DeFi), market depth, and long-term ecosystem viability. Given these factors, it seems unlikely that SOL will surpass ETH in 2026.

Conclusion

As we navigate the complexities of blockchain technology and cryptocurrency markets, both Solana and Ethereum present their own unique advantages and challenges. The ongoing debate will likely continue as each platform evolves in response to market demands.