Key Insights
- Solana surpassed Ethereum in 24-hour perpetual trading volumes.
- Solana-based MeteoraAG has become the number one protocol in terms of daily and weekly DEX volume across all chains.
- Solana is now the leading chain, based on the market cap of tokenized stocks.
Solana and Ethereum are among the most widely used Layer 1 blockchains across the globe in terms of application. Still, it’s Ethereum that has had an edge over all its competitors since its launch. However, SOL and BNB Smart Chain (BSC) seem to be in line to challenge this.
In the wake of this week, Solana outperformed Ethereum on different fronts. This includes decentralized Applications (dApps) and tokenized stock capitalization. That raised the question of whether Solana was here to topple Ethereum’s dominance.
Solana Outpaces Ethereum in Daily Perps Volume
First, as per the data from DeFiLlama, Solana’s 24-hour perpetual futures trading volume was $1.458 billion. On the other hand, Ethereum’s was $1.333 billion. This milestone showed that these two Layer-1 blockchains were still competing with each other.
Solana’s outpacing of ETH on this front was due to speed and lower fees. These drew participants to Solana’s architecture, which made it easy for high-frequency perps trading.
On the other hand, Ethereum had a stronger security layer and a bigger DeFi ecosystem than that of SOL. This is because of Layer-2 solutions like Base that had volumes reaching $609.91 million. As such, it helped ease network congestion.
BSC, worth $569.09 million, was in fifth place. The data meant that Solana and ETH cemented their positions, highlighting their contest in derivatives.
Solana-based Protocols Outperform Other Chains’ Protocols
Solana’s outperformance over ETH did not end there. DEX volume was also looking excellent. Meteora, a Solana-based protocol, had the most DEX volume on both daily and weekly scales, $2.07 billion and $12.346 billion, respectively.
It beat Ethereum’s Uniswap, which had $1.926 billion daily and $10.987 billion weekly. This event intensified the competition between Solana and Ethereum in decentralized trading. It was getting stronger every time.
Still, SOL had the most protocols in this list, further defeating ETH. Solana had four protocols in the top six, with Meteora in the lead.
Pump.fun came third with $1.406 billion, and HumidiFi was fifth-placed with $812.5 million. Raydium closed the list with $359.08 million on a daily scale. The results indicated that Solana-based protocols were better.
Ethereum only had Uniswap (UNI), which was second in this field. This took advantage of its mature DeFi ecosystem and security. PancakeSwap accounted for $1.069 billion on the BNB chain.
Altogether, the results indicated that Solana was still among the most important layers in the DEX volume debate. However, it wasn’t always obvious how it would work out in the long run.
Tokenized Stocks Market Cap
Winding up, by January 2026, Solana had become the biggest chain for tokenized stocks by market cap. Its value was about $850 million, which was around 1.5x that of ETH. Solana’s tokenized stocks moved quickly past Ethereum’s, which stabilized at around $500 million.
Solana once again outpaced ETH as they competed to tokenize real-world assets. However, Ethereum’s ecosystem did have several Layer-2 chains.
They included Arbitrum, Base, and Polygon, which all had less than $50 million each. These chains broke up Ethereum’s presence but also made it bigger. However, the combined effort was less than that of SOL alone.
BNB Chain came in at $220 million, followed by Avalanche, Gnosis, Sonic, and Blast, all of which were under $50 million. This indicated that Solana was the clear leader over Ethereum’s more varied approach in the middle of debates about tokenization.
Altogether, Solana had established the potential to topple Ethereum’s dominance, but it could take time before a full flip happened.
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