Solana vs Ethereum – $4.4T traded, RWA holders flipped – But who wins?

Solana’s trading has grown rapidly in the past three year, with a total volume of trading tokens approaching $4.4 trillion.

Early weeks showed only modest activity with weekly transactions often below $10 billion. Early adoption of the network was reflected in this phase.

The weekly turn-over increased steadily through 2024. Activity frequently moved into the $20–$40 billion range.

This shift in participation was evident across the decentralized trading platforms and memecoin eco-systems that are built on Solana.

The volatility increased as time went on, with several dramatic spikes. At the peak, trading volume briefly reached about $120–$130 billion.

The spikes coincided with the speculative bursts, and liquidity cycles driven by memecoins in the Solana eco-system.

The surge was temporary and the activity then cooled. Weekly volumes decreased, showing that the speculative excitement faded and core usage continued.

As of press time, the network generated roughly $12–$15 billion in weekly trading volume. This remains much higher than activity in the early stages of a cycle.

Source: DeFiLlama

This hybrid structure is revealed by the trajectory.

Stabilized baselines show that Solana’s low fee architecture is still attracting retail trading.

Solana surpasses Ethereum among RWA owners

The following are some of the ways to get in touch with us. Solana’s [SOL] As trading activities expand, tokenized RWAs offer another perspective on how this ecosystem evolves beyond the speculative market.

As the data on participation begins to emerge, it starts to show a shift in adoption patterns across major networks.

Ethereum [ETH] The US still has the highest capital concentration. RWAs totaling approximately $15.45 Billion are spread across roughly 675 assets. The scale of this growth reflects the strong institutional issuers and financial integrations.

Source: RWA.xyz

The wallet distribution Presents a new perspective.

Solana’s RWAs exceeded Ethereum by a small margin, with 154,942 RWAs. This suggests that Solana has a more accessible infrastructure for retail.

Solana’s RWA was also lower than the average at approximately $1.79 billion. This indicates that capital has been deployed earlier.

The participation rate is dropping sharply in other countries.

BNB Chain [BNB] The city has approximately 39 218 residents. Polygon Records about 15482 users.

The structure, when taken together, suggests that Ethereum is the institution hub while Solana functions increasingly as the retail gateway for tokenized assets.

Solana’s financial resilience is tested by a volume surge

Solana’s trading boom signals strong activities, but underlying liquidity reveals a complex structure.

DeFiLlama data TVL of $6.53 billion supported weekly DEX of $14.96 billion. volume. This results in a liquidity-to volume ratio of 0.4. It is far lower than Ethereum’s 4.57 benchmark.

Solana has become popular amongst retail traders because it allows smaller transactions to be executed with minimum slippage.

The price of larger orders is still affected by shallow depth.

In addition, approximately $15.4 billion was spent on the purchase of new vehicles. stablecoin supply Supports more than 60% trading pairs

The stablecoin liquidity has helped to maintain continuous trading across all Solana exchanges.

The network handled roughly 3.4K transaction per second, while the Average Transaction Fees stayed Under $0.00025

Source: Token Terminal

Ethereum still maintains an edge structurally through its $160 billion worth of assets. stablecoins And expanding RWA liquid, suggesting that a market is layered where Solana fuels trading while Ethereum anchors settlement by institutions.

Final summary

• Solana is attracting a lot of retail activity, as the weekly volume has stabilized at around $15 billion. However, liquidity remains lower than Ethereum’s capital.
• Ethereum’s dominance is maintained through the increased liquidity of RWA and stablecoin.