Solana Challenges Ethereum's On-Chain Dominance with Strong Growth

Solana is challenging Ethereum's dominance in on-chain activity, according to a report by Coinpedia. While Ethereum retains a significant lead in liquidity and DeFi infrastructure, Solana is gaining traction through high-frequency transactions and application-driven demand.

Ethereum's DeFi TVL stands at approximately $51.53 billion, compared with Solana's $6.13 billion. However, Solana generated higher DEX volume over the past seven days, at $16.61 billion compared to Ethereum's $9.03 billion.

Despite its smaller capital base, Solana outperformed Ethereum in perpetual trading volume and active addresses. Solana recorded 3.04 million active addresses, while Ethereum had 599,384. Transaction volume also favored Solana, with 113.95 million transactions versus Ethereum's 1.96 million.

Ethereum maintains a significant lead in stablecoin liquidity, with a market capitalization of approximately $146.94 billion compared to Solana's $15.40 billion. However, Solana is growing its dollar base and expanding its trading activity and user base.