Solana outpaces Ethereum in app revenue and trading volume
Solana apps generate 10x more revenue than Ethereum
Blockchain researcher Aylo has revealed that applications running on the Solana network have pulled in nearly ten times more revenue than their Ethereum counterparts over the past 24 hours. Solana-based platforms collectively generated $8.4 million, dwarfing Ethereum’s $875,613 in earnings within the same timeframe.
This trend is also reflected in trading activity, where Solana has outpaced Ethereum’s network by a wide margin. The total trading volume on Solana soared to $5.39 billion, more than double Ethereum’s $2.14 billion. The perpetual trading sector showed a similar pattern, with Solana registering $1.09 billion in activity—far ahead of Ethereum’s $470 million.
Retail speculation and high-frequency trading
A key driver behind Solana’s dominance appears to be the growing demand for speculative trading on its decentralized applications. Platforms like Pump.fun and Bonkbot have contributed significantly to the surge in on-chain activity, demonstrating that retail traders are flocking to Solana for fast-paced, high-frequency transactions.
Aylo pointed out that speculation serves as an economic pillar for the blockchain space, drawing parallels between cryptocurrency trading and online gambling.
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However, not everyone is convinced. Some analysts argue that Aylo’s data may not fully capture the broader Ethereum ecosystem, noting that platforms like Uniswap—one of Ethereum’s most significant revenue generators—are not included in the study’s dataset.
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Ethereum’s strength in liquidity and large transactions
Despite Solana’s impressive growth, Ethereum continues to dominate in terms of institutional adoption and liquidity depth. A recent report by OKX highlighted that high-value trades—particularly those exceeding $50,000—still predominantly take place on Ethereum and its layer-2 networks.Ethereum also boasts the lion’s share of the top-tier liquidity pools. Of the 20 largest liquidity providers in the market, ten are based on Ethereum, with its layer-2 chains—Base, Arbitrum, and Binance Smart Chain—accounting for another nine. In contrast, Solana has only a single entry on this leaderboard.
Future prospects for Solana
While Ethereum maintains a significant lead in total value locked (TVL), standing at $74.3 billion compared to Solana’s $9.5 billion, Solana’s rapid growth has sparked new discussions about its long-term viability.
One major question is whether the network can move beyond its reliance on speculative trading. Institutional adoption of Solana’s native SOL token could be a turning point. Recent filings by the CBOE on behalf of investment firms like VanEck, Bitwise, and 21Shares indicate a growing interest in exchange-traded products (ETPs) tied to Solana.
