Will Solana Flip Ethereum? Revenue Numbers Show Disturbing Trend

Solana is set to flip Ethereum in revenue numbers for the first time ever. Solana co-founder Anatoly Yakovenko commented on this development, highlighting the gap between both networks while also questioning how they could sustain this trend. 

Solana On Course To Flip Ethereum In Yearly Revenue

In an X post, the Solana treasury company DeFi Development Corporation (DFDV) revealed that SOL is on course to surpass ETH in annual revenue for the first time. The company stated that this is not just a milestone but “instead a regime shift.” DFDV added that SOL stands as the revenue chain, where the decentralized applications (dApps) of tomorrow will live, scale, and breathe. 

The accompanying chart shows that SOL has recorded annual revenue of $1.4 billion year-to-date (YTD), while the Ethereum network has recorded $522 million. As DFDV noted, this marks a significant shift, given that ETH surpassed SOL in previous years. In 2024, Ethereum recorded an annual revenue of $2.5 billion, while SOL recorded $1.42 billion. 

Notably, Ethereum’s revenue is down around 90% in 5 years, while Solana’s revenue has increased around 5,000% in the same period. DeFiLlama data shows that dApps such as Pump.fun, Axiom, Meteroa, Jupiter, and Phantom have actively contributed to the revenue recorded on SOL. Meanwhile, the network has also generated base fees paid by users. 

Commenting on this milestone, Solana’s co-founder stated that it has been a “crazy year” and noted that whether open permissionless protocols can actually grow and maintain revenue remains an open question. Yakovenko further remarked that he believes the entire crypto market cap will continue to grow and, eventually, will have to be split by revenue. 

He also stated that Solana and Ethereum’s only shot at this is in the execution layer. Yakovenko explained that providing the best execution layer will mean global decentralized, low-latency, and high-throughput censorship resistance. 

“SOL Is Dying”

Amid Solana’s revenue milestone over Ethereum, DeFi maxi Scribbler has declared that Solana is dying. In an X post, he noted that over 30 million people were trading on the network each month between November last year and February this year. However, since then, the network has struggled to average 1 million traders monthly.  

This is likely due to the slowdown in meme coin trading on the SOL network, which gained it a lot of traction last year and at the start of this year, when U.S. President Donald Trump launched his meme coin, TRUMP. However, crypto commentator Marty doesn’t believe that this is the end for Solana, stating that equity traders and stablecoin users will replace the meme coin traders. 

Notably, Galaxy Digital and Forward Industries have tokenized their stocks on SOL, while the network is also seeing increasing activity in stablecoin transactions. Visa just recently announced plans to begin USDC stablecoin settlements on Solana for U.S. banks.