Family, recently there's a data in the crypto circle that left me stunned. Just past half of 2025, Solana surprisingly surpassed Ethereum in annual protocol revenue! This situation is like the perennial second in class suddenly taking first place in the grade; discussions in the circle are at an all-time high, with many veteran players frantically asking questions in the group: is this just a random outburst, or a signal that a new king is about to rise?
Let's get to the hard facts; data speaks louder. As of now, Solana's protocol revenue this year has surged to 250 million USD, while Ethereum is around 140 million USD, almost a difference of one times. Some might think it's just a phase data, no need to make a fuss, but looking at the timeline, the contrast is like a roller coaster. Solana jumped from a small transparency of 28 million USD in 2021, soaring like a rocket to 480 million in 2024; in contrast, Ethereum, which held a 510 million USD king script in 2021, has been declining year by year, directly dropping to 142 million in 2024, with the gap to Solana widening.
As a veteran in the circle for many years, I dare say this cross-over isn't just about numbers. The core logic is simple: whoever can retain users and activate the ecosystem will capture real value. In my view, Solana's recent revenue surpassing others stems from a collective surge in user adoption, on-chain activity, and frequency of ecosystem applications. People used to say Solana was just a 'high-performance ornament'—fast-looking but thin in ecosystem. Now, with these data, it's clearly proven that it's not just a pretty face but a solid performer capable of handling real challenges.
Right now, the community is buzzing with excitement. Many believe Solana is ready to handle the next wave of mainstream users and has even become the go-to choice among high-performance blockchains. I largely agree, but I’d add one point: mainstream users don’t care how advanced your technology is—they care about ease of use and whether there are fun, engaging things to do. Solana’s low fees and high speed directly address common pain points for ordinary users: fear of high transaction fees and long wait times. With an increasingly rich ecosystem, it naturally retains users. More users mean higher transaction activity, which inevitably drives protocol revenue—this is a positive feedback loop.
Even more interestingly, the Solana community is currently exploring a new model: creator portfolio products. Some may not understand it, so let me explain in plain terms: influential researchers or bloggers select a basket of mainstream assets, turn them into tokenized portfolio bundles, and offer shares to their fans. Creators earn management fees based on the assets under management. This is far more credible than the old 'story-driven' creator tokens—it's based on real investment performance, not just hype or emotional manipulation.
For example, imagine a top industry influencer launches an 'XX Portfolio Bundle' containing mainstream assets like SOL, BTC, and ZEC. When you buy a share, you're essentially trusting their allocation expertise and following their investment strategy. Moreover, this portfolio model can be implemented through professional protocols to enable share minting, portfolio transparency, and on-chain settlement—effectively upgrading the old informal practice of 'private recommendations' into a standardized, globally verifiable, and transparent system.
Of course, this model has its controversies—issues like cross-chain compatibility and asset coverage aren't fully resolved yet. But one thing is clear: Solana's low fees and high speed have created the perfect ground for such financial experiments. On other chains with high fees and congestion, this kind of high-frequency, micro-transaction-based fan engagement model simply wouldn't work.
To sum up, I want to emphasize my core point: Solana's recent lead appears to be a victory in revenue data, but in reality, it's a victory for ecosystem innovation and user experience. Over the past few years, whenever there's a bull market, everyone rushes in, but only after the tide recedes do we see who's swimming naked. The real question isn't about market speculation—it's whether there are new scenarios and new ways to engage users so they want to 'come back and play' regularly. What Solana is doing now is solidifying and deepening that 'reason to come back'.
Many veteran players probably share this feeling: in the past, chasing trends meant buying a certain token and just waiting for it to rise—there was nothing else to do. After the price spike, you’d get 'raked over the coals.' But things are different now. A good ecosystem gives you a sense of participation—like joining creator portfolio bundles or trying out various lightweight apps. Even if you don’t trade coins, you can still find your place within the ecosystem. That’s the true value of a real ecosystem.
Lastly, let me share a heartfelt truth: the crypto space is never short of hype, but it lacks people who can see through the logic behind the hype. Whether Solana can continue leading remains to be seen, but it has sent a clear message to the entire industry—user experience and ecosystem innovation are the key competitive advantages of the future. I'll keep tracking Solana's new developments, and I'll break down more underlying industry mechanics to help you avoid being just a passive 'spectator' in the hype, missing out on real opportunities.
If you find my insights solid and full of value, don’t forget to hit follow @Square-Creator-22ca3718fa2ce #ETH走势分析 $BTC
