Solana News Today: Solana Surpasses Ethereum in Annual Revenue, Driven by RWA Boom

Solana and Ethereum: The 2025 Blockchain Showdown

In 2025, Solana and Ethereum both stood to gain from the growing trend of asset tokenization, according to Dragonfly General Partner Rob Hadick. He emphasized that both blockchains are well-positioned to benefit from increased on-chain economic activity, with Ethereum powering most stablecoin activity and Solana excelling in high-frequency trading. The potential for both chains to thrive simultaneously suggests a non-zero-sum outcome in the evolving blockchain landscape according to market analysis.

Solana demonstrated significant momentum, on track to surpass Ethereum in annual revenue for the first time. In 2025, Solana's revenue surged to $2.5 billion year-to-date, outpacing Ethereum's $1.4 billion, driven by robust growth in real-world asset (RWA) adoption and network scalability. This marked a pivotal shift in the competition among Layer 1 blockchains according to industry reports.

The RWA sector played a key role in Solana's growth. By 2025, the RWA space on Solana expanded by 372%, adding $14 billion in value. This growth was significantly higher than Ethereum's 198% increase, with Solana's protocols capturing a larger share of the market due to lower fees and faster processing times. Analysts highlighted Solana's proof-of-history consensus mechanism as a key enabler for seamless asset tokenization.

Why the Standoff Happened

Despite Ethereum's long-standing dominance in stablecoin activity, Solana's infrastructure offered unique advantages. Ethereum's network powers a large portion of stablecoin activity, but its performance in high-frequency transactions lags behind Solana's. This difference has attracted high-volume use cases to Solana, creating a virtuous cycle of activity and revenue growth according to market analysis.

In contrast, Ethereum faced challenges from layer-2 solutions, which fragmented base layer revenue. The growing competition between the two chains highlighted the importance of scalability and transaction efficiency in attracting institutional and retail investors. Solana's ability to handle 2,000 transactions per second, compared to Ethereum's slower throughput, underscored its edge in processing DeFi and NFT activity according to technical analysis.

How Markets Reacted

Solana's price action in 2025 showed volatility, with SOL reaching $294 in January but falling 58% by year-end. Despite the bearish trend, the chain's fundamentals remained strong, with daily active users surpassing 1 million in late 2025. Institutional adoption continued to rise, driven by spot Solana ETF approvals and partnerships with traditional finance firms according to market reports.

Ethereum's revenue declined from over $5 billion in peak years to $1.4 billion by 2025, amid intensifying rivalry with Solana. However, Ethereum remained a key player in the blockchain ecosystem, particularly in core economic activity and stablecoin issuance. The growing adoption of layer-2 solutions further diversified Ethereum's revenue streams according to industry analysis.

What Analysts Are Watching

Analysts highlighted several factors driving Solana's growth. The chain's low transaction fees, averaging under $0.01, made it attractive for developers and institutional players. Additionally, Solana's infrastructure upgrades enhanced its reliability and scalability, drawing developers away from Ethereum's higher costs. The chain's partnerships with traditional finance platforms also expanded its reach, onboarding billions in tokenized assets.

Looking ahead, the competition between Solana and Ethereum is expected to intensify as more players enter the blockchain market. Investors are watching how each chain adapts to regulatory changes and technological advancements. The continued growth in RWA adoption will play a crucial role in determining which blockchain can sustain long-term leadership in the space according to market forecasts.