Ethereum's dApp revenue falls behind Solana's, raising questions about a potential SOL price surge to $200 in July.
In the dynamic world of cryptocurrency, a notable shift has been unfolding in 2025, as Solana has been demonstrating strong growth compared to Ethereum across several key metrics.
Despite the broader market downturn, Solana has shown a marked increase in user engagement and Decentralised Exchange (DEX) activity, contributing to a rising SOL/ETH value ratio. This trend, which has seen the ratio grow by 37.8% from early 2024 to mid-2025, suggests a rotation of capital towards Solana's ecosystem.
One of the primary factors driving this growth is Solana's significantly lower transaction fees. While Ethereum's gas fees typically exceed $1 due to its slower throughput, Solana transactions cost under $0.01 each. This low-cost advantage is likely attracting higher usage, particularly in the decentralised applications (dApps) sector.
However, Ethereum remains the more mature ecosystem, hosting a larger share of top-ranking projects in DeFi and Non-Fungible Tokens (NFTs), which supports higher Total Value Locked (TVL) and DeFi dominance. Solana is growing but still trails Ethereum in overall DeFi dominance.
A summary of the metrics comparison between the two blockchains is as follows:
| Metric | Solana | Ethereum | |------------------------|--------------------------------|----------------------------------| | DEX Volume | Increasing relative to ETH, stronger user engagement and DEX activity | Larger absolute volume but facing user rotation to Solana | | dApp Revenue | Lower fees drive usage, likely good revenue in some segments | Mature ecosystem, high usage but higher fees may limit dApp revenue growth | | TVL / DeFi Dominance | Growing but still behind ETH | More mature, higher TVL and DeFi dominance | | Transaction Fees | Very low (~$0.01 or less) | High (often >$1) | | Transaction Throughput | Up to ~29,000 tps internally tested | 15-45 tps, block confirmation ~13 seconds |
As Solana continues to lead in fees collected by the two blockchains, from dApps and protocols running on their platforms, and captures 95% of tokenized stock trading volume in the DeFi ecosystem, it could potentially sweep liquidity under the $148 level over the weekend.
The psychologically important level at $200 and R2 at $218.40 are the next two key resistances for Solana, with a daily candlestick close above the $150 level potentially confirming a bullish breakout for the cryptocurrency.
Ryan Lee, Chief Analyst at Bitget Research, predicts Solana could reach $400-$500 under bullish conditions, but broader market risks may cap gains closer to $300-$350. As Solana maintains its dominance in DEX volume since October 2024 and clocks over $146 million in revenue from decentralised applications in June 2025, its bullish outlook heading into the third quarter of 2025 remains strong.
- In the dynamic world of cryptocurrency, Solana has been demonstrating strong growth compared to Ethereum, showcasing a rising SOL/ETH value ratio by 37.8% from early 2024 to mid-2025.
- One of the primary factors driving this growth is Solana's significantly lower transaction fees, making it more attractive for users with costs under $0.01 each, compared to Ethereum's gas fees that often exceed $1.
- Solana is growing but still trails Ethereum in overall DeFi dominance and hosts a smaller share of top-ranking projects in DeFi and Non-Fungible Tokens (NFTs), which supports higher Total Value Locked (TVL) and DeFi dominance for Ethereum.
- As Solana continues to lead in fees collected by the two blockchains and captures 95% of tokenized stock trading volume in the DeFi ecosystem, it could potentially sweep liquidity under the $148 level over the weekend.
- Ryan Lee, Chief Analyst at Bitget Research, predicts Solana could reach $400-$500 under bullish conditions, but broader market risks may cap gains closer to $300-$350.
- Solana maintains its dominance in DEX volume since October 2024 and clocks over $146 million in revenue from decentralised applications in June 2025, giving it a strong bullish outlook heading into the third quarter of 2025.
- Despite the broader market downturn, various cryptocurrencies like Bitcoin, XRP, dogecoin, and others are also undergoing changes, with some engaging in staking or exploring new use cases in DeFi and finance, including Bitcoin's upcoming Taproot upgrade and Ethereum's transition to Proof-of-Stake (PoS) from Proof-of-Work (PoW).
- The new emerging crypto technologies like Solana, along with Decentralised Finance (DeFi), Non-Fungible Tokens (NFTs), and other blockchain-based initiatives, represent a massive shift in the traditional finance (tradfi) landscape, offering opportunities for crypto investors and token holders to participate in a growing and dynamic ecosystem that extends beyond simple wealth accumulation.
