Solana has been ahead of Ethereum in decentralized application revenue for five consecutive weeks. This indicator, centered on real user activity, reveals an evolution in the balance of power between the two blockchains. The trend, now established, is attracting the attention of market players.
In brief
- Solana has surpassed Ethereum in dApp revenue for five consecutive weeks, confirming a trend that is taking hold over time.
- Revenue from decentralized applications is emerging as a key indicator, revealing real economic activity on blockchains.
- The latest figures show a significant gap, with $16.94 million for Solana versus $13.55 million for Ethereum.
- This domination repositions Solana in the market hierarchy, ahead of several major Web3 players.
Solana wins sustainably against Ethereum
While the blockchain attracts more and more traders, Solana confirms week after week a domination which is established on a key indicator of Web3: the income generated by decentralized applications. Over the last seven days, the network once again takes the advantage over its direct competitorswidening the gap with Ethereum and consolidating its leading position. This performance is no longer a simple short cycle, but a lasting trend.
Evolution is all the more important because it is based on a regularity rarely observed in the ecosystem. Indeed, “five consecutive weeks at the top of the dApps revenue ranking… testify to real and lasting commercial momentum”. In other words, Solana's dominance reflects sustained economic activity, not an isolated spike. dApps revenue thus becomes a central indicator for evaluating the actual use of blockchains.
- $16.94 million in revenue for Solana;
- $14.18 million for Hyperliquid;
- $13.55 million for Ethereum;
- Solana has been in the lead for five consecutive weeks.
This ranking also places Solana ahead of other major networks like Polygon, Base or BNB Chain. Ethereum, long considered the undisputed leader, now finds itself left behind in this specific area, confirming a notable change in the market hierarchy.
Domination fueled by on-chain activity and trading
Beyond weekly revenues, Solana's rise is based on sustained activity on a larger scale. In the first quarter, the ecosystem generated $292 million in dApps revenue, despite a slight decline of 5.8% from the previous quarter.
This performance is largely based on a few dominant applications, with Pumpfun ($123 million), Axiom (58 million), Phantom (33 million) and Jupiter (14 million), which concentrate a significant share of flows.
The dynamic is also observed in trading volumes. Solana recorded $284.5 billion in spot volume on DEXs in the first quarter, capturing 41% of the market, higher than Ethereum and its second layer solutions combined.
The evolution of the market structure confirms this trend, with the rise of Prop AMMs type platforms, which now represent 62% of volumes, compared to 27% a year earlier. At the same time, the share of stablecoins increased to 17.1%, reflecting a diversification of uses.
This progression reflects a transformation of the crypto ecosystem, where performance is no longer measured solely by capitalization or speculative activity, but by the capacity to generate concrete income. If Solana today establishes itself as a dominant player in this field, the reaction of Ethereum and the evolution of competing infrastructures could quickly reshuffle the cards, in a market where innovation and adoption remain the main arbiters.
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