We should look back to 2025 before we move into the year 2026.
In terms of the technology, major companies will end 2025 with negative returns on capital. The top five assets are: Solana [SOL] On an annual basis, the weakest performers were down by over 30 percent.
Put this in perspective Ethereum [ETH] The number of people in the country who are able to read and write has dropped by 6%.
SOL has declined 5x more than ETH, resulting in a drop of 25% for the SOL/ETH. It is clear that ETH has outperformed in 2025.
The story doesn’t end with price.
Solana and Ethereum have similar L1s. They both have a growing number of users, high RWA rankings and an expanding ETF presence.
On-chain dominance of ETH is expected to be reflected in the ETH price.
Surprisingly according to Artemis CEO Jon MaSolana became the most popular chain by 2025. This ignited a hot debate within the community.
What remains is the question: which side has more weight?
Solana’s lead in activity meets Ethereum’s structural edge
Solana’s dominance in the network is supported by data.
By 2025 it will have surpassed all other chains on multiple metrics. Monthly Active Users (MAUs) will reach 98 millions, while Total Transactions and Trading Volumes are expected to exceed $1.6 trillion.
SOL also topped the list in terms of revenue.
This performance is a great example of the case for SOL as the most-used chain It’s not something you can ignore. You can’t ignore “pure usage,” Solana outpaced all other L1s in terms of adoption, proving that market prices do not always dictate the pace at which products are adopted.
Ethereum’s structural advantage
Source: Artemis Terminal
Ethereum remained strong across all foundational metrics.
According to Jon Ma’s blog post, Solana was ranked third for Total Transfer Volume. It was also ranked second in TVL and second in Developer Activity.
The whole of the word “in this context” is used. SOL dominance debate It is completely reasonable.
Simple: While Solana dominates network usage metrics, Ethereum is still strong in core fundamentals. SOL is behind in a number of metrics that are crucial for the DeFi Rails, Market Depth, and Long-Term Ecosystem Play.
It is unlikely, then, that SOL would outperform ETH before 2026.
Conclusions
- Solana, the top five assets with the largest declines, is down by 30%+. Ethereum, on other hand, has experienced a drop of over 50%. [ETH] SOL/ETH ratio dropped by 25%.
- Solana was the top chain used in 2025 despite the wide price difference, igniting debates about dominance on the chains versus the market.
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Source: ambcrypto.com
