Is Solana the Number One Blockchain? Data Suggest Its More Active Than Ethereum in the Last 24 Hours

In the ever-evolving crypto world, Solana (SOL) is proving to be more than just a fast blockchain. It is emerging as a serious contender to Ethereum (ETH), especially in daily decentralized exchange (DEX) trading volume. 

Over the past 24 hours, Solana has outperformed Ethereum and its entire Layer-2 ecosystem in DEX activity, a significant signal that the blockchain hierarchy may be shifting.

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Solana Surges in DEX Trading Volume

According to the latest data, Solana accounted for a staggering 39.6% of all DEX volume in Q1 2025. In January, this figure peaked at 52%, a milestone that saw Solana dominate its competitors, including Ethereum, across all metrics of DEX engagement. The network’s high throughput and low-cost infrastructure made it the preferred venue for traders—particularly during the meme coin boom earlier this year.

This spike in usage highlights the growing trust in Solana’s technology and user experience. It’s no longer just a "faster Ethereum alternative." It's becoming a primary destination for both casual and institutional traders alike.

The SOL Price Reflects Market Confidence

The price movement of SOL supports the narrative of rising user interest. After hitting nearly $300 in January, SOL dropped to below $100 amid macroeconomic tensions and waning meme-coin hype. However, a recent easing in global tariff standoffs triggered a strong rebound, with SOL climbing to $138 making it the best performer among the top 10 cryptocurrencies in the past two weeks.

The 42% recovery suggests that investors are regaining confidence in Solana’s long-term potential, especially as the platform shifts focus from speculative assets to more stable, long-term innovations.

Solana vs Ethereum: Revenue and Stablecoin Trends

While Solana dominated in volume, Ethereum briefly reclaimed the top spot in revenue during February. Solana’s fees reached a record $17.77 million in January but fell to under $470,000 by mid-March. Ethereum, with its higher gas fees and robust dApp ecosystem, remains a revenue powerhouse.

However, Solana’s strength lies in its stablecoin liquidity, which paints a compelling picture. As of April 17, over $12.65 billion in stablecoins were circulating on the network. This suggests users are parking funds in anticipation of market clarity—a positive indicator for future DEX resurgence.

Is Solana the Number One Blockchain?

While Ethereum still boasts a mature developer ecosystem and strong institutional backing, Solana is catching up rapidly. The network's rising DEX activity, growing stablecoin base, and recent price action all suggest that SOL is well-positioned to challenge ETH in both usage and perception.

The real question isn't whether Solana can beat Ethereum, it's whether the market is ready for a multi-chain world where both can thrive based on different strengths. Solana's low fees and high speeds offer accessibility, while Ethereum continues to offer security and decentralization.

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Conclusion: The Blockchain Landscape Is Evolving

The latest data shows that Solana is more than just a temporary trend. With record-breaking trading volume, rising user engagement, and increasing liquidity in stablecoins, Solana is solidifying its status as a leading blockchain. Although Ethereum still holds the crown in terms of dApp activity and legacy infrastructure, Solana's rapid progress is narrowing the gap.

As “Solana vs Ethereum” continues to trend, it’s clear that the blockchain space is expanding beyond one dominant player. In this new era, SOL is becoming a name synonymous with speed, scale, and serious competition.

FAQ

Is Solana more active than Ethereum in terms of DEX volume?

Yes, recent data shows that Solana has surpassed Ethereum and its Layer-2 networks in daily decentralized exchange (DEX) trading volume. In Q1 2025, Solana captured up to 52% of DEX market activity, highlighting a shift in user preference when comparing Solana vs Ethereum.

How does SOL compare to ETH in terms of price performance?

SOL has shown stronger short-term performance compared to ETH. After dropping below $100 earlier in 2025, SOL rebounded by 42% to $138, outpacing ETH and becoming the best performer among the top 10 cryptocurrencies in recent weeks.

What makes Solana a top blockchain choice over Ethereum?

Solana offers high transaction speeds and low fees, making it a favorable option for traders and developers. While Ethereum is more established, Solana’s efficiency and growing ecosystem are key reasons it’s becoming a serious competitor in the Solana vs Ethereum debate.