◆ The level one networks have never witnessed this level of competition before
◇ As the adoption of blockchain technology accelerates globally, major blockchains have entered a frantic race to develop their infrastructure and attract real and widespread use cases
⬆️ The year 2025 was a turning point, as updates came at an unprecedented pace, leading to a tangible expansion in institutional and practical adoption
🔥 Solana × Ethereum: The battle for dominance continues
Over the years, Solana and Ethereum have remained at the forefront of this competitive landscape
✦ However, recent indicators suggest that SOL is actually getting closer to embodying the narrative of 'Ethereum Killer', not as a media slogan, but as numbers and results
💰 Network revenues: Solana's side is heavily tilted
With the expansion of level one networks, competition is no longer confined to one sector, but has extended to new fields, most notably real-world assets (RWA)
⬤ This sector alone added massive value this year, recording exceptional annual growth in 2025
✧ From a revenue perspective, it seems that Solana has benefited from this expansion faster
✧ Estimates suggest that Solana's annual revenue is approaching surpassing Ethereum for the first time, at around 1.4 billion
✓ This development reflects increased on-chain activity and higher efficiency in accommodating real-world use cases
📊 Numbers reveal the transformation
◉ Solana's revenue jumped from tens of millions in 2021 to billions in 2025
◉ In contrast, Ethereum's revenue has decreased from previous record levels to a lower range currently
And when looking at the growth of risk-weighted assets:
▲ Solana achieved growth of nearly 372%
▲ Ethereum recorded around 198%
⬆️ This gap illustrates that the flow of high-risk capital towards Solana has nearly doubled, in clear harmony with its superiority in terms of revenue and scalability
📉 Price versus performance: an equation yet to be completed
Despite this operational dominance, the superiority has not fully reflected on price movement
❖ The SOL/ETH ratio declined during 2025, erasing the gains of the previous year
❖ However, the details show signs of hidden strength
☑️ The ratio recorded a higher annual peak over a 12-month period
☑️ Volatility has stabilized recently, indicating relative resilience
👁️ Future outlook
From an analytical investment perspective, what is happening is not a coincidence
◆ Increasing dominance
◆ Strong revenues
◆ Actual expansion in usage
⬢ If this trend continues, time alone may be the separating factor before this momentum reflects on the price
⬢ As we approach 2026, SOL remains one of the assets worthy of close monitoring
✦ Summary: Competition is not yet settled, but the outlines of the transformation have become clearer than ever.
