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

As we head into 2026, it’s value having a look again at 2025.

On the technical entrance, 2025 is ending with main top-caps dropping capital, closing the yr with destructive ROI. Among the many prime 5 property, Solana [SOL] stood out because the weakest, down over 30%+ on an annual foundation.

To place this into perspective, Ethereum [ETH] was down 6% over the identical interval.

This meant SOL’s decline is 5x better than ETH’s, translating right into a 25% drop within the SOL/ETH ratio. In brief, 2025 has been a yr by which ETH outperformed.

Supply: TradingView (SOL/ETH)

However the story isn’t nearly value.

Solana and Ethereum are comparable L1s. Each are seeing rising adoption, sturdy RWA rankings, increasing ETF presence, and internet hosting a wide range of protocols.

You’d count on that ETH’s dominance would present on-chain, too.

Surprisingly, in keeping with Artemis CEO Jon Ma, Solana ended up being the most-used chain in 2025. In the end, that kicked off a heated debate throughout the neighborhood.

The query stays: Which facet carries probably the most weight?

Solana’s exercise lead meets Ethereum’s structural edge

Little question, Solana’s community dominance is backed by onerous knowledge. 

In 2025, it led all chains in a number of key metrics: Month-to-month Energetic Customers (MAU) reached 98 million, Complete Transactions hit 34 billion, and Buying and selling Quantity topped $1.6 trillion.

On the income facet, SOL additionally got here out on prime.

Taking a look at this efficiency, the case for SOL as the most-used chain can’t be ignored. On the subject of “pure utilization,” Solana clearly outpaced different L1s, exhibiting that adoption doesn’t all the time transfer in keeping with market value.

Ethereum’s structural edge

Supply: Artemis Terminal

That mentioned, Ethereum retained power throughout foundational metrics.

Primarily based on Jon Ma’s submit, Solana ranked third in Complete Switch Quantity, second in TVL, second in Developer Exercise, and third in Stablecoin Provide.

On this context, the entire SOL dominance debate is completely cheap.

Merely put, whereas Solana crushes it on community utilization, Ethereum nonetheless flexes within the core on-chain fundamentals. The truth is, many of the metrics SOL lags in are crucial for DeFi rails, market depth, and long-term ecosystem play.

Towards this backdrop, SOL outperforming ETH in 2026 appears unlikely.

Last Ideas

• Solana is the weakest amongst prime 5 property, down 30%+, whereas Ethereum [ETH] solely fell 6%, making the SOL/ETH ratio drop 25%.
• Regardless of the worth hole, Solana emerged because the most-used chain in 2025, sparking debates over on-chain dominance versus market efficiency.